19Apr
By: Ryan Ponce On: April 19, 2022 In: Downtown San Diego, Market Update Comments: 0

2022 Quarter 1 – Downtown San Diego Housing Market

Downtown San Diego continues to be extremely tight on inventory. There are currently 63 listings active in Downtown San Diego, but 14 of those are in the Hard Rock Hotel. This brings the available active listings down to just 49 options! With an average of 82.33 homes selling per month, this puts us well below a one month supply of inventory. If we compare it to one year ago, inventory is down 65%!

The average sales price was $923,764, which is an increase of 18.1% compared to the previous quarter. In addition, the average days on market was down 36% compared to last quarter. Homes in Downtown San Diego are selling faster and for more money. We are also starting off Quarter 2 with 41.27% more properties in escrow when compared to the start of Q1. That is a sign that the Quarter is off to a good start.

All Downtown

Homes Sold

3 Months - 247 Homes
6 Months - 525 Homes
12 Months - 1255 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$200,000-$399,999

Every listing currently on the market in this price range is at the Hard Rock Hotel, but only 1 out of 15 sales under $400k happened in the Hard Rock. That means that 14/15 of the sales, or 93.3%, of the condos sold were outside of the Hard Rock. If you’re looking for a traditional condo under $400k, there are literally zero options for you to chose from.

Homes Sold

3 Months - 15 Homes
6 Months - 36 Homes
12 Months - 101 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$400,000-$599,999

The number of sales in this price range has decreased by 36%, but that is largely due to not having options for buyers. There are currently 21.33 homes selling per month in this price range, 32 under contract, but only 9 options on the market!

Homes Sold

3 Months - 64 Homes
6 Months - 165 Homes
12 Months - 444 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$600,000-$799,999

This was one of the few price ranges where the number of sales went up. In addition to more homes selling, available inventory is also down -11.1%. On average, 22.67 homes are selling per month, but there are only 8 homes currently on the market.

Homes Sold

3 Months - 68 Homes
6 Months - 134 Homes
12 Months - 323 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$800,000-$999,999

Technically, we saw an increase in inventory in this price range. We went from having 5 active listings to having 6 in this price range. There are currently 11 homes under contract in this range and there’s an average of 10.67 homes selling per month.

Homes Sold

3 Months - 32 Homes
6 Months - 66 Homes
12 Months - 144 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$1,000,000-$1,499,999

Over the last year, activity in this price range has drastically increased. In Q1 of 2021, there were 21 sales in this range, but last quarter there were 38 (+81%). At the same time, inventory is down -82.9% and we went from a 5.6 month supply to just 0.6 month supply.

Homes Sold

3 Months - 38 Homes
6 Months - 77 Homes
12 Months - 151 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$1,500,000-$2,499,999

The number of sales in this price range doubled when compared to last quarter (Q4 2021), but the number of available options also went up 66.7%. There are currently 10 options on the market and 7 under contract. Overall, the good property in this price range is moving fast, especially if it has a view.

Homes Sold

3 Months - 20 Homes
6 Months - 32 Homes
12 Months - 62 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

> or = $2,500,000

The number of sales in this price range also doubled. I think this is the most sales I’ve seen above $2.5m in one quarter. In Q1 of 2021, there was only 1 sale above $2.5m and only 5 from Q2 of 2020 – Q1 of 2021. What is more amazing is that there are 7 homes currently in escrow in this price range.

Homes Sold

3 Months - 10 Homes
6 Months - 15 Homes
12 Months - 30 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

*All information is deemed reliable, but not guaranteed. Information obtained through the San Diego MLS on April 13th, 2022.

And Always Remember, It Matters Who You Work With!

Give me a call today at (619) 228-6790 or email me at Ryan@livingthesandiegolife.com for more information or to schedule a tour of the neighborhood!

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