All Downtown

$200,000-$399,999

This price range has the lowest amount of inventory, with an average of 14.33 homes selling per month and 48 options to choose from. This segment of the market accounted for 22.99% of the sales in Q3, but only represents 15.05% of the current active listings.

$400,000-$599,999

This price range had an increase of +2.78% in the number of sales when compared to Q2 and there are -13.46% less listings available. Month supply of inventory dropped down to 3.65 months, which is a decrease of -15.80%. Even though the numbers suggest things are moving fairly quickly due to low supply, there are a good amount of listings that are sitting. If they are priced incorrectly or undesirable, they aren’t moving.

$600,000-$799,999

There was a -16.67% decrease in the number of sales this last quarter. Between the decrease in sales and the slight increase in active listings, the inventory shot up by +21.85% to a 6.6 month supply of inventory. It is interesting because I consider this the “bread and butter” price range for two bedrooms in downtown San Diego. Typically there is a good amount of activity in this range.

$800,000-$999,999

There were 17 sales in this price range in Q3, which is down -19.05% when compared to Q2. In quarter 2, we saw a large increase in activity in this range, so it makes sense that it is down a little. There are currently 35 listings available in this range, which is up +25%. We are currently at a 6.18 month supply in this range, which suggests it is a balanced market. Also, this range accounted for 9.09% of the sales this last quarter and it accounts for 10.97% of the inventory, so those numbers are fairly close.

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

Above a $1,000,000 for resale has slowed down overall. There were 16 sales last quarter in this range, but there are also 48 available listings. New construction seems to be attracting a large majority of buyers in this range. While I do love Savina, there are some deals to be made in the luxury resale market. No, not every seller is eager to sell, but there are some very good buys out there right now.

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

In Quarter 2, there were 0 sales in this price range. In Quarter 3, there were 4 sales. Going into Quarter 4, there were 5 sales currently in escrow. These numbers are a bit surprising. That being said, there are still 27 active listings to choose from. Options that are spectacular are still selling, but only the best options in this range tend to actually sell. Items like view, location, building quality, interior finishes, layout, and of course price, all play a huge role.

> or = $2,500,000

It is a bit intriguing when looking at this price range. There were 3 sales in Quarter 3 and there are currently 12 options on the market. Out of the 3 sales, 2 of the options were on the market for less then 30 days. That tells me that people in this range are waiting for something specific or spectacular to come along. Whether it is a certain view, outdoor space, or a specific floorplan, they are waiting for one reason or another. I represented one of the three buyers this quarter. When we saw the option, which had been listed for less then 20 days, he thought about potentially waiting. We then took a look at the history of sales, available plans that checked all of the same boxes, and the likelihood that something like that unit would come up again. We analyzed every building in Marina District. It was a low possibility, so he decided to jump on it earlier then expected.

*All information is deemed reliable, but not guaranteed. Information obtained through the San Diego MLS on October 3rd, 2019.