07Jul
By: Ryan Ponce On: July 7, 2016 In: Downtown San Diego, Market Update Comments: 0

July 2016

The number of sales in Quarter 2 of 2016 skyrocketed. We went from selling an average of 56.67 homes per month during January-March to an average of 81.67 homes per month in April-June. That is a 44.2% increase in sales! We also dropped from a 3.32 month supply to a 2.40 month supply which means inventory is extremely low. There are only 196 available listings in Downtown San Diego!

Anything under a 6 months supply is a sellers market. A balanced market is in the range of 6-7 months, where neither buyers nor sellers have the upper hand. Anything above a 7 months’ supply favors the buyer. In general it remains a seller’s market, but I analyze each segment of the market below.

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 - 245 Homes
6 Months - 432 Homes
12 Months - 865 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$200,000-$399,999

This is the only segment of the market that had a drop in the number of sales from Quarter 1. I believe this is due to the lack of inventory. There are an average of 21.33 homes selling per month but there are only 38 residences for sale. This means there is under a 2 month supply of inventory.

Homes Sold

3 Months - 64 Homes
6 Months - 139 Homes
12 Months - 286 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$400,000-$599,999

This price range was on fire last quarter! We went from an average of 18 homes selling per month in January-March to 32 homes per month in April to June. This is a huge jump! We are down to a 1.47 month supply, which is extremely low. There are only 47 available homes and currently 54 under contract! This is currently the hottest segment of the market.

Homes Sold

3 Months - 96 Homes
6 Months - 157 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 segment of the market more than doubled from Q1 to Q2 of 2016. We went from 21 sales to 43 sales. There are currently 43 available listings in Downtown San Diego which means there is a 3 month supply of inventory.

Homes Sold

3 Months - 43 Homes
6 Months - 67 Homes
12 Months - 136 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$800,000-$999,999

This range went from selling only 7 between January-March to averaging 6.33 sales per month in Q2 for a total of 19 sales. The inventory drastically dropped down to a 4.42 month supply, meaning it is a sellers market. There are currently 28 available listings in this price range.

Homes Sold

3 Months - 19 Homes
6 Months - 26 Homes
12 Months - 54 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

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

This price range is a bit more of a balanced market. There is currently a 5.60 month supply of inventory with an average of 5 homes selling per month. Options priced right in this segment of this segment of the market tend to sell fairly quickly.

Homes Sold

3 Months - 15 Homes
6 Months - 29 Homes
12 Months - 57 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

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

This price range has favored buyers now for some time. There is an average of 1.67 homes selling per month in this price range and there are currently 23 options to choose from. This does not take into consideration all of the homes selling in Pacific Gate, many of which fall in this segment.

Homes Sold

3 Months - 5 Homes
6 Months - 10 Homes
12 Months - 18 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

> or = $2,500,000

The numbers suggest this is a balanced market with an average of 1 selling per month in Quarter 2 of 2016. There are only 6 listings currently active over $2,500,000. I believe this is a bit deceiving and the buyer still has the upper hand in this range. The sample is too small to give accurate numbers.

Homes Sold

3 Months - 3 Home
6 Months - 4 Home
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 July 1st, 2016.

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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