All Downtown

$200,000-$399,999

This price range is fairly active and doesn’t have much to choose from. Last quarter, there were an average of 16 homes selling each month and we currently only have 24 options to choose from in Downtown. Statistically speaking, that means 2/3 of homes in this price range will sell in the next month. We started quarter 2 with 38 listings to choose from, but in the start of quarter 3 there are only 24 options.

$400,000-$599,999

There was a 48.3% increase in the number of sales in this range compared to the first quarter. There are an average of 29.67 selling per month and inventory is hovering right around a 2 month supply. If you are priced appropriately with professional marketing, there is a strong likelihood your home will sell quickly.

$600,000-$799,999

The number of sales increased by 113% in quarter 2. In my opinion, it was a correction made from a really slow Quarter 1. Downtown San Diego is sitting around a 3 month supply in this market, with an average of 16.33 homes selling per month and 48 homes available in this range. The price ranges $400,000-$599,999 and $600,000-$799,999 account for 49.5% of all of the inventory in Downtown San Diego, but they also account for 61.33% of the sales in Quarter 2. It is extremely competitive for both buyers and sellers due to the high volume. There is constantly new inventory, but there are also many competing buyers.

$800,000-$999,999

This segment has always been interesting to me because it is an area of the market where I often work. Over the last couple of years, it has been one of the more balanced segments. We are currently averaging 6 sales a month and have 36 listings active. That means we have a 6 month supply of inventory, which is considered a balanced market. One thing this does not account for is new construction. Savina sold over 60 units already, some of which fell in this price range.

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

This segment is really deceptive because it doesn’t include any sales in Savina or Pacific Gate. From what I gathered in conversations with the sales team and appointments with people looking in the project, this area is the price range is doing really well in the building. Pacific Gate also had an uptick in sales since Savina’s gallery opened and prices in Pacific Gate start at $1,000,000. As far as resale is concerned, only 13 homes sold last quarter and there are currently 36 options. We are sitting at an 8.31 month supply of inventory for resale in this price range.

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

We are averaging about 2 home sales per month in this price range and sitting right around a 6 month supply. This segment always fluctuates drastically because it such a small sample. There are 12 listings currently available in this price range and 2 in escrow. I know there were at least a few buyers in this price range that went to Savina and Pacific Gate over the last 3 months.

> or = $2,500,000

This is another segment that has always been interesting. There were 2 sales in this price range in Quarter 2, one of which sold in 13 days and the other sold in 32 days. One of the listings was listed by us and it was a half floor penthouse in Sapphire Tower (Sapphire Tower #2402). The really good or unique property that hits the market in this range tends to move quickly, but majority of the time property tends to sit on the market for months or even years.

*All information is deemed reliable, but not guaranteed. Information obtained through the Sandicor MLS on July 3rd, 2017.