10Jul
By: Ryan Ponce On: July 10, 2017 In: Downtown San Diego, Market Update Comments: 0

July 2017

The number of homes increased dramatically from Quarter 1 to Quarter 2. We went from only 158 sales in January-March to 225 sales in April-June. That is a 42.4% increase in the number of sales! Inventory in Downtown San Diego decreased from 3.80 months to 2.91 months. While inventory is really low, this isn’t true for every price range.

Downtown San Diego averaged 75 sales per month and with 218 homes currently available, that would suggest about 34.4% of available homes sell per month. That is just over 1/3 of the available inventory. While it is a seller’s market, it is still extremely important to price your home competitively and have the right marketing plan to be one of the three homes that sell each month.

It is a great time to be a seller! In this market, it is extremely important to use a professional. Simply selling your home is easy, but the goal is to net the most money possible. Find out what common mistakes sellers make when selling their property in Downtown San Diego so you can save yourself both time and money!

As a buyer in this highly competitive market, it is extremely important to work with a professional who knows the downtown neighborhoods! It could cost you the opportunity to own that perfect home you were looking for.

All Downtown

Homes Sold

3 Months - 225 Homes
6 Months - 375 Homes
12 Months - 852 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$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.

Homes Sold

3 Months - 48 Homes
6 Months - 85 Homes
12 Months - 201 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$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.

Homes Sold

3 Months - 89 Homes
6 Months - 146 Homes
12 Months - 331 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$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.

Homes Sold

3 Months - 49 Homes
6 Months - 72 Homes
12 Months - 164 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$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.

Homes Sold

3 Months - 18 Homes
6 Months - 26 Homes
12 Months - 59 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

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

This segment is really deceptive because it doesn’t include any sales in Savina or Pacific GateFrom 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.

Homes Sold

3 Months - 13 Homes
6 Months - 33 Homes
12 Months - 66 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$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.

Homes Sold

3 Months - 6 Homes
6 Months - 10 Homes
12 Months - 25 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

> 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.

Homes Sold

3 Months - 2 Homes
6 Months - 3 Homes
12 Months - 6 Homes

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 Sandicor MLS on July 3rd, 2017.

And Always Remember, It Matters Who You Work With!

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

What’s Your Home Worth?

Find the market value of your home for FREE!

Name (required)

Email (required)

Property Address (required)

Leave reply: