October 2024 Housing Market – Downtown San Diego Condo Market

Currently, Downtown San Diego’s market is entering a slower season, with active listings declining to 205, which is about 40-50 fewer than just a few months ago. Interestingly, sales volume saw an increase from September to October, though this may slow as we approach the holiday months. The average sales price spiked to just under $1 million, largely due to a few high-end sales ranging from $2,975,000 to $3,860,000. This figure can be misleading as 73% of sales were below $1 million, with the median price more accurately reflecting market trends at $749,000. Total sales volume exceeded $40 million, influenced heavily by these high-end outliers.

Market activity remains slow, with both average and median days on market increasing, signaling longer wait times for sellers. High-interest rates, currently around 7%, along with the upcoming election, are causing buyers and sellers to hold off, adding to this slowdown. Historically, nine of the last ten post-election years have seen an increase in both sales volume and prices, suggesting the potential for a more active market next year. This trend, coupled with a possible mid-year decrease in interest rates, could help revitalize buyer activity. However, for now, the market is “frozen,” and sellers should prepare for extended listing times.

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