October 2023 Housing Market – Downtown San Diego Condo Market
As we enter the final quarter of 2023, the real estate market continues to be a focal point of economic discussions. The fluctuating dynamics of supply and demand, coupled with external factors, have crafted a market landscape that is both challenging and opportunistic. It’s essential for both potential buyers and sellers to understand the intricate details of the current market to make informed decisions. The following metrics, from sales prices to inventory supply, offer a comprehensive snapshot of September’s market trends, providing valuable insights for all stakeholders.
September 2023 has proven to be a month of significant shifts and steady growth in the real estate sector. The impressive rise in both average and median sales prices underscores the enduring value of properties in this market. Simultaneously, the increase in the active market time and months supply of inventory suggests a more balanced market, leaning towards buyer advantage. The nuances of each metric emphasize the importance of strategic decision-making, whether you’re considering entering the market as a buyer or a seller. As we move forward, it remains crucial to stay informed and adapt to the evolving landscape, leveraging each opportunity to its fullest potential.
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 is often viewed as a barometer for the market’s health, and this month it didn’t disappoint. We’ve witnessed a remarkable ascent to $1,111,958, representing a 22.09% increase from August. Even more impressive is the 31.70% growth from September 2022. Much of the growth in the average sales price is due to there being more activity over $1m. In September, there were 9 sales over $1.5m, 3 of which were over $2m. That is quite a bit of activity for Downtown San Diego.
Median Sales Price
The Median Sales Price provides a balanced perspective, eliminating extreme outliers. For September, the figure settled at $749,000. Although this represents a slight 0.27% decrease from the previous month, it’s heartening to note a 1.63% rise year over year. Such stability in median prices signals a healthy market equilibrium.
Price Per Square Foot
An essential metric for Downtown San Diego, the Average $/SF has reached $822.50. This is a modest monthly growth of 1.13%, but the 7.10% year-over-year increase suggests that property value appreciation remains consistent. Furthermore, the Median $/SF stood at $776.31, reflecting a 10.27% annual increase despite a minor dip from August.
Average Vs. Median Active Market Time
- Average Active Market Time
- Median Active Market Time
Average List to Sales Price (%)
- Average List to Sales (%)
Months Supply of Inventory Actual
# Active Listings / # Sales That Month
Number of Sales
Active Market Time
An intriguing trend this month is the Average Active Market Time, which extended to 50 days. This doubling from last month and the significant 92.31% increase from the previous year indicates a shift. It suggests that buyers are taking a more deliberate approach in their decision-making, weighing their options carefully.
Months Supply of Inventory
One of the standout metrics this month is the Months Supply of Inventory, which has climbed to 3.44 months. This 40.56% rise from August and a 41.85% increase year over year is noteworthy. A higher supply typically indicates a shift towards a buyer’s market, where purchasers have more choices and negotiation power. Sellers should be strategic in pricing and marketing to ensure their properties stand out in a more saturated market.
Sales Volume ($) in the Millions
In conclusion, September 2023 has presented a real estate market full of nuance and opportunity. With sales prices on the rise, consistent property value appreciation, and an increasing inventory, there’s a lot to navigate. As your trusted real estate advisor, I’m here to provide guidance and insights tailored to your unique needs. Whether you’re looking to buy, sell, or simply understand the market better, let’s embark on this real estate journey together.
*All information is deemed reliable, but not guaranteed. Information obtained through the San Diego MLS on October 2nd, 2023.