All Downtown

$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.

$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.

$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.

$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.

$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.

$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.

> 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).

*All information is deemed reliable, but not guaranteed. Information obtained through the San Diego MLS on January 2nd, 2023.