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October 2024 Housing Market – Downtown San Diego Condo Market (92101)

By: Ryan Ponce On: October 1, 2024 In: Downtown San Diego, Market Update Comments: 0

September 2024 Housing Market – Downtown San Diego Condo Market

The current market data for Downtown San Diego shows that inventory has increased significantly, reaching a 7.8-month supply—up from the previous month. However, this isn’t due to a surge in active listings, which have only risen by about 5%. Instead, it’s a result of a steep decline in sales, with only 30 sales recorded last month, which is much lower than normal. Properties are sitting on the market longer, and many are failing to sell. Sellers need to ensure their properties are well-positioned, as buyers are becoming more selective, though desirable properties still sell at around 98% of the list price.

Average days on market may appear to have decreased, but this metric is skewed due to properties that expire and are relisted, resetting the count. The market did experience a lull, but there are signs of renewed activity with an increase in showings. The recent reduction in interest rates by the Fed, although is for short term borrowing, may inject some energy into the market. However, the commercial office sector is facing challenges, especially older office buildings that are struggling with high vacancy rates and steeply discounted sales prices, like Symphony Towers on B Street, which sold for a fraction of its original purchase price. The rental market has also slowed, with rising vacancies and incentives offered to tenants by the many of the large apartment buildings. This will likely cause owners of investment condos to consider selling, which would then lead to more inventory.

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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 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

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 October 1st, 2024.

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