April 2018 Market Update – Downtown San Diego Condo Market
March had a 21.0% increase in sales when compared to March of 2017. There was also a jump in the average/median sales price, as well as a large spike in the average/median price per square foot. While inventory seems to be growing, the average market time for listings that are selling is actually decreasing. This is likely caused by a growing percentage of listings that are hitting the market at prices that are not justifiable. These properties tend to sit for long periods of time and many do not end up selling, so they wouldn’t effect average days on market of sold listings. They do, however, reflect in the number of active listings and months supply of inventory.
April should be a really good month for Downtown San Diego real estate. We saw the largest number of homes go pending (in a single month) in the month of march over the last 14 months. Since the average escrow is right around 30 days, this suggests many of these sales will happen in April. If you want to see an example of this, you can compare the number of homes to go into escrow in December 2017 with the number of sales in January 2018.
Pacific Gate as began closing sales, which won’t reflect in my stats because they are based on MLS listing/sales. A vast majority of sales in Pacific Gate are over $1,000,000 and there are quite a bit that are above $2,000,000 as well. If these were included in the numbers below, the average sales price and price per square foot would have been significantly higher!
If you are looking to purchase a home in Downtown San Diego, it important to have a competitive edge. Find out what mistakes buyers are making when purchasing property downtown. It could cost you time, money, and your perfect home!
Homes are selling quickly and for more money! Learn how to avoid common mistakes sellers are making in Downtown San Diego so you can net more money when selling your home! There is a difference between listing your home and selling it for top dollar.
Average Vs. Median Sales Price in 92101
- Average Sales Price
- Median Sales Price
Average Vs. Median Price Per Square Foot
- Average Price Per Square Foot ($)
- Median Price Per Square Foot ($)
Average Vs. Median Market Time
- Average Market Time
- Median Market Time
Average Vs. Median Active Market Time
- Average Active Market Time
- Median Active Market Time
Months Supply of Inventory Actual
# Active Listings / # Sales That Month
Months Supply of Inventory Forecast (Pending Listings)
# Active Listings / # Pending That Month
Average Vs. Median List to Sales Price (%)
- Average List to Sales (%)
- Median List to Sales (%)
Number of Sales
Sales Volume ($) in the Millions
*All information is deemed reliable, but not guaranteed. Information obtained through the Sandicor MLS on April 9th, 2018.