May 2026 Housing Market Update
May was still a buyer-leaning month for the Downtown San Diego condo market, with fewer sales, nearly 10 months of supply, and continued negotiating leverage for buyers, even as pending activity showed some encouraging improvement.
What Happened in May
May 2026 was a softer month overall for the Downtown San Diego condo market. There were 34 closed sales during the month, which was a 27.66% decline from April. That is not a particularly encouraging number on the sales side, and it continues to reinforce that Downtown remains a market where buyers generally have the upper hand. At the same time, there were still some signs of activity underneath the surface, particularly in the number of properties going pending.
One positive this month is that pending listings increased to 43, up 22.86% from April. That suggests there is still some energy in the market, even if the number of actual closings came in lower. So while May’s sales volume was weak, the pending number does hint that there is still movement and that some buyers are taking advantage of the current conditions.
Inventory remained elevated. There were 338 active listings in Downtown San Diego, and with only 34 sales, the months supply of inventory rose to 9.94 months. That is a very buyer-favorable number and confirms that Downtown is still firmly in a buyer’s market overall. Buyers are often able to negotiate price reductions and concessions, and we are continuing to see a meaningful amount of price adjustment across the market. That said, it still depends heavily on the property itself, because some well-positioned homes are moving relatively quickly and closer to list price.
Another important point from this month’s update is that Measure A did not pass, which is good news for Downtown San Diego homeowners. In a market that is already struggling, that measure likely would have reduced demand and increased supply, making conditions even more difficult. So while the core market numbers were not especially strong, that result was a positive development for the Downtown housing market.
Pricing metrics were mixed. The average sales price came in at $975,868, while the median sales price was $693,750. The average price per square foot was $762, with the median at $707 per square foot. Homes sold at an average of 96.87% of asking price. Market time increased a bit, with the average active market time rising to 42 days and the median at 23 days. If you’d like to talk through how this affects your building, your price range, or your property specifically, feel free to reach out anytime.
The Key Numbers From the Month
A quick look at the biggest figures shaping the May 2026 Downtown condo market.
Average vs. Median Price Per Square Foot
Average price per square foot dipped slightly in May, while the median moved higher, showing some mixed pricing movement across different segments.
Average vs. Median Sales Price
Both the average and median sales price pulled back from April, reflecting a softer month overall in Downtown.
Average vs. Median Active Market Time
Days on market rose from April, which fits with a market that still has too much supply relative to demand.
Average List to Sales Price
Closed sales averaged 96.87% of asking price, showing that buyers are still finding room to negotiate.
Find Out What Your Downtown Condo Is Worth
If you want a more specific breakdown for your building, floor level, floor plan, or view orientation, I’d be happy to help you understand how current competition and recent sales may impact your value.
Request A Home ValuationThe Charts That Best Explain Market Balance
May remained a strong buyer’s market overall, even though pending activity improved and some individual properties are still moving well.
Months Supply of Inventory
At 9.94 months of supply, Downtown remains firmly buyer-favored in the broader market.
Number of Sales
Sales dropped back in May, which is one of the main reasons inventory pressure remained high.
New Listings
New listings stayed relatively elevated, which helped keep supply high even with homes continuing to go pending.
Active Listings
Active inventory held near the recent highs, giving buyers a wide range of options across Downtown.
Pending Listings
Pending activity improved in May, which is one of the more encouraging signs in an otherwise softer month.
Sales Volume ($ Millions)
Total dollar volume came in at $33.2 million, down sharply from April as the number of sales fell.
A Downtown Professional You Can Trust
Give me a call at (619) 228-6790 or email me at Ryan@LivingTheSanDiegoLife.com if you would like to talk through your building, your price range, or what these numbers mean for your condo specifically.
