2022 Quarter 4 – Downtown San Diego Housing Market
The number of sales in Quarter 4 was down -33.9 % when compared to Quarter 3. This might seem like a drastic decline, and it is, but activity tends to be much lower in the 4th Quarter. The number of active listings in Downtown San Diego is also down -34.8%. Downtown is currently sitting at a 1.75 month’s supply of inventory which is down -1.5% compared to the month prior. The lack of inventory heavily favors sellers.
The year over year comparison shows the market is slowing quite a bit. Year over year, the number of sales dropped down from 272 to 125 (-54.0%). Keep in mind, Q4 of 2021 was a very active time in the market. Even though we are at just 73 active listings, the number of active listings is also up +15.9% from 63. The 4th quarter in 2020 and 2021 were exceptionally strong. If we look back at Q4 of 2018 there were 148 sales and in 2019 there were 153 sales. While the number of sales this year was still lower, we are sitting at just 73 active listings compared to 252 in 2018 and 249 in 2019.
All Downtown
Homes Sold
Average/Month
- 12mo
- 6mo
- 3mo
Months Supply
- 12mo
- 6mo
- 3mo
Available Homes
- Active
- Pending
$200,000-$399,999
Starting 2023, I will be combining the two lowest ranges so the first market segment will be everything under $600,000. There is very limited activity under $400,000 now. I will also be removing the Hard Rock Hotel units, as they are not traditional condos and I feel they are irrelevant. In this range, 11 of the 13 sales were at the Hard Rock Hotel and the one active listing is also in the Hard Rock Hotel.
Homes Sold
Average/Month
- 12mo
- 6mo
- 3mo
Months Supply
- 12mo
- 6mo
- 3mo
Available Homes
- Active
- Pending
$400,000-$599,999
This was the most active segment over the last 3 months. Inventory is growing slightly, but is still under 1 month of supply. There are currently only 12 active listings, but over the last 3 months an average of 13 properties have been selling.
Homes Sold
Average/Month
- 12mo
- 6mo
- 3mo
Months Supply
- 12mo
- 6mo
- 3mo
Available Homes
- Active
- Pending
$600,000-$799,999
This is the second most active segment over the last 3 months. There are an average of 12 homes selling per month and only 22 listings. While inventory has been growing slightly, there is still a lot of competition for well priced and positioned property. This will be similar throughout most price ranges.
Homes Sold
Average/Month
- 12mo
- 6mo
- 3mo
Months Supply
- 12mo
- 6mo
- 3mo
Available Homes
- Active
- Pending
$800,000-$999,999
Inventory has been growing in this price range, but it still remains competitive. There are 11 active listings in this price range with an average of 5 selling per month. The inventory in this price range is a very interesting mix right now. It is mainly made up of either 1,400-1,900 sq ft residences without a view, or smaller 2 bedrooms (900-1,200 sq ft) with a view. If you want both square footage and some sort of view, you will likely be between $1,000,000-$1,500,000.
Homes Sold
Average/Month
- 12mo
- 6mo
- 3mo
Months Supply
- 12mo
- 6mo
- 3mo
Available Homes
- Active
- Pending
$1,000,000-$1,499,999
There are currently 11 active listings in this price range. That really isn’t much to choose from. I also think there are quite a few properties in this range that are positioned above $1,000,000, but should not actually be priced over $1,000,000. We have seen some of these already dropping down into the $800k-$999k price range. View residences with 1,300 +/- square feet are in very short supply right now.
Homes Sold
Average/Month
- 12mo
- 6mo
- 3mo
Months Supply
- 12mo
- 6mo
- 3mo
Available Homes
- Active
- Pending
$1,500,000-$2,499,999
Months’ supply has risen dramatically in this price range due to the lack of sales. In my opinion, there are 2 issues this price range is facing. The first issue is that buyers and sellers do not appear to be in a hurry. Buyers will wait around for the right property. Many sellers are on the fence when it comes to selling. There doesn’t seem to be much motivation on either side.
The second issue is that the supply does not meet what buyers are looking for. When looking at spending $1.5m-$2.5m in Downtown San Diego, buyers typically have a fairly specific wish list. From my professional experience, many buyers in this range want great water views, a nice modern residence and a good layout. Condos that match these requirements tend to sell very quickly.
Homes Sold
Average/Month
- 12mo
- 6mo
- 3mo
Months Supply
- 12mo
- 6mo
- 3mo
Available Homes
- Active
- Pending
> or = $2,500,000
Less than 1 home is selling per month in this price range, but there are only 5 options. Similar to the other $1m+ ranges, property that meets buyer expectations are still selling fairly quickly. The biggest issue right now is that 3 of the 5 options are in Harbor Club, which was built in the 90s and feels dated compared to most Downtown San Diego communities. There is also one option in Meridian (1986) and one in Pacific Gate (2018).
There is nothing available between $2,500,000-$3,000,000. There are 2 options between $3,000,000-$3,300,000, but both of these residences are combined units in Harbor Club (meaning they were 2 units turned into 1) and they have to pay HOA dues for two residences (~$2,820/mo). Between $3,300,000-$4,900,000 there are zero options available! Lastly, there are 3 options between $4,950,000-$5,350,000. On the MLS, there have only been 5 sales in the last 10 years over $4,500,000 in Downtown San Diego!
I do feel like there are action ready buyers for property between $2,500,000-$3,500,000 if the options offer great views, have spacious layouts, and have modern interiors (and preferably in a newer building).
Homes Sold
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 January 2nd, 2023.
And Always Remember, It Matters Who You Work With!

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