September 2024 Housing Market – Downtown San Diego Condo Market

Based on August 2024 numbers for Downtown San Diego, there has been a noticeable decrease in inventory, with supply dropping by approximately 16.7% compared to the previous month. The number of active listings now stands at 222, which continues a downward trend from the past two months. Meanwhile, the number of sales has slightly increased, with 47 properties sold. Despite this uptick in sales, both the average and median sales prices have declined. This decline is mainly due to increased activity in lower price points, rather than an overall drop in property values.

While high-end sales were limited last month, the luxury market remains active. A significant number of pending sales are in the million-dollar range. Of the 49 properties currently pending, 16 are listed over $1 million, and 7 are above $2 million. Notably, there are two properties pending that are priced over $4 million. If these high-end transactions close, they are likely to drive the average sales price upward in the coming months. On the other hand, the average days on market have increased significantly, now approaching 50 days, which indicates properties are taking longer to sell. The average days on market is deceptive due to the practice of relisting properties, which resets their days on market count. The actual average days on market is likely closer to 60 days. This trend suggests that while sales activity remains steady, buyers are taking longer to make decisions, and sellers may need to be more patient in the current environment.

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