October 2021 Housing Market – Downtown San Diego Condo Market
Active listings and Month’s Supply of Inventory continues to drop. We are now at less than 1 month’s supply of inventory. More homes are going pending than properties hitting the market so it appears this number will continue to decline. Historically, November and December have the least amount of available listings and new listings hitting the market. In October, there were less then 95 listings in Downtown so it is hard to imagine having even less to choose from.
This lack of supply continues to push up prices in Downtown San Diego. We can see this if we follow the average price per square foot, which has been steadily climbing. In October 2020, the average price per square foot was $594. In October 2021, the average price per square foot was $667! That is an increase of +12.3% in one year. In fact, in 2020, 8/12 months had an average $ per square foot of under $600. In 2021, 8/10 months have seen an average $/sf over $600. There is exceptionally strong demand for properties with a view. Homes that have a view are selling very well right now and for a premium.
The shortage of inventory has also increased the amount of off market deals that are happening. It is especially important right now to use an agent that is well connected in the Downtown San Diego market and is able to introduce you to off market properties. They need to understand exactly what you are looking for and what floorplans/buildings would be a great fit. That will enable them to target specific homes within downtown that aren’t even on the market. I’ve actually sold 5 properties off market so far this year by doing just that.
As a seller, it is extremely important to position your property the best way possible. This is the best seller’s market we have seen in quite some time, so it may seem easy to sell, but it is also very easy to leave a ton of money on the table. Don’t make the mistake of using someone who doesn’t understand the local market.
Average Vs. Median Price Per Square Foot
- Average Price Per Square Foot ($)
- 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 November 2nd, 2021.
And Always Remember, It Matters Who You Work With!
Give me a call today at (619) 228-6790 or email me at Ryan@www.livingthesandiegolife.com for more information or to schedule a tour of the neighborhood!