02Oct
By: Ryan Ponce On: October 2, 2017 In: Downtown San Diego, Market Update Comments: 0

October 2017

Quarter 3 stayed very consistent, as a whole, in Downtown San Diego. Inventory did grow slightly from Quarter 2, but is still low at 3.27 months. There were only 4 more sales in quarter 2 compared to quarter 3, but there are 22 more active listings (+10.1%). When compared to Q3 of last year, this is more of a stable market. Last year, we were down to a 1.98 month supply with only 161 listings (-32.9%) and 81.33 homes selling per month (+10.9%)! This is a healthier market with more options for buyers to choose from.

While the inventory has grown, property is still selling fairly quickly if priced right. We are seeing some condos sit on the market, but this is often due to factors that effect sell-ability, such as optimistic pricing, needing updating, or the ability to get financing.

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 - 221 Homes
6 Months - 452 Homes
12 Months - 818 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$200,000-$399,999

The number of sales are gradually falling in this category. The lowest sale in Downtown San Diego last quarter was $272,000. If you compare this number to Quarter 3 of 2016, we had sales as low as $231,000. With prices climbing, property in the once high $300’s are now pushing into the $400k range. One year ago, we averaged 19 homes selling per month in this price category, but now we are at 14.

Homes Sold

3 Months - 42 Homes
6 Months - 92 Homes
12 Months - 183 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$400,000-$599,999

We gained some inventory in this price range. We went from a 2.02 month supply and 60 available listings at the end of quarter 2 to a 2.70 month supply and 73 available listings to end quarter 3. There were only 8 fewer sales when compared to last quarter, but there was an increase of 13 available listings (+21.7%) to end the quarter. That being said, majority of the homes in this price range are still moving quickly.

Homes Sold

3 Months - 81 Homes
6 Months - 174 Homes
12 Months - 309 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$600,000-$799,999

The number of sales in this range has been steadily growing and inventory has been shrinking. We are now up to an average of 16.67 homes selling per month and a 2.76 month supply. There are currently 46 active listings in this category. Mathematically speaking, if 0 more listings hit the market in this range, we would be out of options in less than 3 months.

Homes Sold

3 Months - 50 Homes
6 Months - 99 Homes
12 Months - 173 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$800,000-$999,999

There has been a lot of inventory growth in this price range over the last year, but sales have also began to creep up. We are averaging 7.67 sales per month in this range, while last quarter we were at just 6.00 sales per month.

Homes Sold

3 Months - 23 Homes
6 Months - 41 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

The amount of inventory has grown quite a bit over the last year. Each quarter, a similar number of homes sell per month, but there are more options now. We ended last quarter with 37 listings, while quarter 3 of last year only had 27 active listings. There have been a substantial amount of people going into contract on Savina, which would have bumped up this category drastically.

Homes Sold

3 Months - 14 Homes
6 Months - 28 Homes
12 Months - 63 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

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

There was a 50% increase in the number of sales this quarter when compared to quarter 2, but that doesn’t mean much with such a small sample. We averaged 3 sales per month and are sitting at a 4 month supply with only 12 listings. There are quite a few homes that went into contract in both Pacific Gate and Savina this last quarter that would fall in this range, but these numbers strictly reflect resale only.

Homes Sold

3 Months - 9 Homes
6 Months - 15 Homes
12 Months - 26 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

> or = $2,500,000

This is such a small sample size, but clearly buyers have the upper hand in this price range. Over the last year, we have averaged only 1-2 sales per quarter. There are currently 13 options on the market. There are too many new condo options in this range which will draw buyers from the resale market.

Homes Sold

3 Months - 1 Homes
6 Months - 3 Homes
12 Months - 5 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 October 2nd, 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!

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