May 2016 Market Update – Downtown San Diego Condo Market
April hit an all new high! The median price per square foot hit $518, which is the highest it has been in 9 years. The last time the median price per square foot was higher was in April of 2007 at $535! There is currently an extreme shortage in available listings, with inventory still below a 3 month supply. May also looks like it will be a fantastic month. While over 100 new listings have been hitting the market each month, we are also seeing the number of properties going into escrow increase significantly. If you are thinking of selling, the opportunity doesn’t get much better than this!
As a seller, you want to make sure that your property gets the most exposure possible even in a market favoring sellers. Selling your property may be easy, but selling it for top dollar is a different story. See my article about the top mistakes sellers make when selling their home in Downtown San Diego.
If you are looking to purchase a home or investment in downtown San Diego, there are many things you will need to know. While it is extremely competitive, there are deals out there. It is extremely important to work with an agent that understands the downtown market and can located options both on and off of the market. I recently wrote an article about the top mistakes buyers make when purchasing a home in Downtown San Diego. Each week I write about my “Buy of the Week“, which is a property in 92101 that I think is an exceptional value.
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Average Vs. Median Sales Price in 92101
- Average Sales Price
- Median Sales Price
Average Vs. Median Price Per Square Foot
- Average Price Per Square Foot ($)
- 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 1st, 2016.