November 2021 Housing Market – Downtown San Diego Condo Market
The Downtown San Diego market is the hottest I’ve ever seen it. Not only is there very low inventory, prices are getting pushed up to record highs and the number of sales over the last 12 months is up approximately +57.9%! In November, Downtown San Diego broke it’s record for the highest average price in over 10 years, highest average price per square foot ever, lowest amount of active listings ever, lowest average month’s supply of inventory ever, and highest list vs sales price % ever. If that isn’t a sign of a hot market, I don’t know what is.
In November, there were 86 sales and 97 properties to go under contract, but there are only 69 active listings available. Supply can’t keep up with demand and the number of available listings has been dropping rapidly. There were 337 active listings in November 2020. That means, the number of active listings has declined by -79.5%. That number is shocking. The average list price is also up from $684,658 in November 2020 to $821,107. That is a +19.9% increase! Price per square foot is also up +15.4% from $603 to $696 during that same timeframe. The lack of supply is leading to higher list to sales price percentages. For the first time in Downtown San Diego, the average seller is getting just over 100% of the listing price. In fact, we’ve been able to get 71.4% of our clients 100%+ of their list price this year.
The big news isn’t just that prices are going up and supply is down. The number of sales in Downtown San Diego is also astonishing. If you look at the number of sales that happen in a 12 month period in Downtown San Diego, that number typically hovers right around 850-900 sales. In 2020, that number dropped down to about 700 sales in a 12 month period. However, over the last 12 months that number has skyrocketed. In the last 12 months, Downtown San Diego saw 1,287 homes sell. That is a +57.9% increase when compared to a year ago.
The shortage of inventory has also increased the amount of off market deals that are happening. It is especially important right now to use an agent that is well connected in the Downtown San Diego market and is able to introduce you to off market properties. They need to understand exactly what you are looking for and what floorplans/buildings would be a great fit. That will enable them to target specific homes within downtown that aren’t even on the market. I’ve actually sold 5 properties off market so far this year by doing just that.
As a seller, it is extremely important to position your property the best way possible. This is the best seller’s market we have seen in quite some time, so it may seem easy to sell, but it is also very easy to leave a ton of money on the table. Don’t make the mistake of using someone who doesn’t understand the local market.
Average Vs. Median Price Per Square Foot
- Average Price Per Square Foot ($)
- Median Price Per Square Foot ($)
Average Vs. Median Sales Price in 92101
- Average Sales Price
- Median Sales Price
Average Vs. Median Market Time
- Average Market Time
- Median Market Time
Average List to Sales Price (%)
- Average List to Sales (%)
Months Supply of Inventory Actual
# Active Listings / # Sales That Month
Number of Sales
Sales Volume ($) in the Millions
*All information is deemed reliable, but not guaranteed. Information obtained through the San Diego MLS on December 2nd, 2021.