November 2023 Housing Market – Downtown San Diego Condo Market
In essence, October 2023 has brought forth a recalibration in the real estate market. The month over month (MoM) decreases in sales prices and price per square foot may reflect seasonal adjustments or a market response to broader economic conditions. Interest rates had skyrocketed over the last 60 days, hitting an average high of 8.6% for a conventional loan. Since the highs mid October, the rate has pulled back a bit and are currently hovering around 7.5%. The year over year (YoY) gains across these metrics affirm that the market’s fundamentals remain robust. The hastened pace of sales this month coupled with the burgeoning inventory suggests a market that is becoming more balanced, leveling the playing field for buyers. Although inventory has been growing, buyers still do not have many options to choose from.
As always, I’m here to guide you through these market intricacies, ensuring you make well-informed decisions. Whether you’re considering selling, purchasing, or merely seeking insights, feel free to reach out. Here’s to navigating the dynamic world of real estate together!
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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 Sales Price
The Average Sales Price has experienced a retraction to $913,564, marking a 17.84% decrease from the previous month. However, when viewed through the annual lens, there’s a substantial 19.72% increase compared to last year. This dramatic change had more to do with the amount of sales in the luxury market in September versus October, and less to do with prices declining. In September, 15 of the 43 sales in Downtown were over $1,000,000 and there were 2 sales over $3,000,000. In October, 12 of the 43 sales were over $1,000,000 and there were 0 sales over $3,000,000.
Median Sales Price
Similarly, the Median Sales Price has seen a downward adjustment, settling at $675,000, a 9.88% MoM decrease. Yet, it still achieves a 6.55% YoY growth. Similar to the Average Sales Price, this decrease reflects more activity at lower priced properties.
Average Vs. Median Active Market Time
- Average Active Market Time
- Median Active Market Time
Average List to Sales Price (%)
- Average List to Sales (%)
Months Supply of Inventory Actual
# Active Listings / # Sales That Month
Number of Sales
Active Market Time
The Average Active Market Time has decreased to 29 days, a significant 42.00% MoM reduction, but still an increase of 16.00% YoY. This reduction in market time indicates a quicker turnover rate, suggesting that while properties are selling faster than last month, they are still taking longer to sell than the previous year.
Months Supply of Inventory
The Months Supply of Inventory has witnessed a slight MoM uptick to 3.49 months, a 1.53% increase. The YoY change stands at 16.28%, indicating a market that is becoming increasingly supplied, which could signal a shift towards a market that is accommodating more choice for buyers.
New Listings
Active Listings
Pending Listings
Sales Volume ($) in the Millions
*All information is deemed reliable, but not guaranteed. Information obtained through the San Diego MLS on November 3rd, 2023.
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