December 2018 Market Update – Downtown San Diego Condo Market
The last couple of months have been a particularly slow 4th quarter. There are so many factors, but between the rise in interest rates, the midterm elections, some volatility in the stock market and of course the holidays, it has been a lot more sluggish compared to previous years. Overall, the economy seems to be going strong, employment reports seem to remain favorable, and San Diego specifically is seeing a good amount of growth. Also, developers are pouring billions of dollars into downtown San Diego housing, hospitality and attracting tech companies.
With all of this growth, you would expect property to being flying off of the shelf, but the fact is, if we compare November 2018 to November 2017 the numbers tell a different story. There was a 32.8% decrease in the number of sales and a 41.2% increase in the number of available listings. We are currently at a 4.9 month supply of inventory, which is much closer to a balanced market when compared to one year prior (3.5 month supply). History would suggest this is nothing new and some even say it is healthy (myself included). We just aren’t used to these numbers anymore. Sellers are used to selling in 2 weeks and buyers learned “multiple offers” were normal.
So what does this mean? As the market slows down and becomes more of a normalized market, it is important to understand why you shouldn’t settle for mediocre. Listing agents will need to work harder, market more, improve their marketing and become area experts. When representing someone who is purchasing a home, knowing values and how to find the good properties when there are more to choose from is going to be instrumental.
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.
As the market heads towards a balanced market, now more than ever it is important to work with a professional! 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 Price Per Square Foot
- Average Price Per Square Foot ($)
- Median Price Per Square Foot ($)
Average Vs. Median Sales Price in 92101
- Average Sales Price
- Median Sales Price
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 December 7th, 2018.