03Jul
By: Ryan Ponce On: July 3, 2019 In: Downtown San Diego, Market Update Comments: 0

2019 Quarter 2 Downtown San Diego Market Update

The number of sales is up 27.33% when compared to the first quarter of this year. We went from 150 sales from January through March to 191 sales from April through June. That is an average of 13.67 more homes selling per month in Downtown San Diego.

In finishing Quarter 1 of 2019, we were sitting at a 6.04 month supply of inventory. We are now currently sitting at a 4.98 month supply, which suggests that it is a fairly balanced market but tipping slightly in favor of sellers. Inventory differs a lot based on the price range, which you can see from the numbers below.

One thing that doesn’t show in the numbers below are the sales in new construction. Savina is projected to begin closing in June and will take a few months, but it adds over 160 sales in downtown this year! Also, Pacific Gate is over 90% sold out!

In this market, it is extremely important to use a professional. It is vital to position your property correctly to insure getting the most money possible in the shortest amount of time. 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, it is extremely important to work with a professional who knows the downtown neighborhoods! Now that inventory is growing, working with a professional that knows and understands the Downtown market is vital. It will help you save time, find the right property for you, and lately there have been options coming up that are drastically under market value. Work with someone who can help navigate the market.

All Downtown

Homes Sold

3 Months - 191 Homes
6 Months - 341 Homes
12 Months - 701 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$200,000-$399,999

This segment saw a 38.24% increase in the number of sales and currently has the lowest supply of inventory. It is also the only price range that had an increase in sales when compared to quarter 2 of 2018. This range currently accounts for 17.35% of the active inventory, but represents 24.61% of the total sales last quarter.

Homes Sold

3 Months - 47 Homes
6 Months - 81 Homes
12 Months - 160 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending
Search This Price Range

$400,000-$599,999

This segment saw a 35.85% increase in the number of sales, but had a 20.88% decrease when compared to Q2 of 2018. This price range accounted for 37.70% of the sales in downtown, which is the largest market out of all of the price ranges. There are 104 listings in this price range alone and an average of 24 homes selling per month.

Homes Sold

3 Months - 72 Homes
6 Months - 125 Homes
12 Months - 262 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending
Search This Price Range

$600,000-$799,999

This price range saw a 9.09% increase in the number of sales when compared to the first quarter. While sales are up, inventory grew slightly in this segment. There are 12.07% more listings in this range and months’ supply is up just 2.73%.

Homes Sold

3 Months - 36 Homes
6 Months - 69 Homes
12 Months - 143 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending
Search This Price Range

$800,000-$999,999

This price range saw the largest increase in the number of sales, which jumped by 75%. In the first quarter, there were only an average of 4 homes selling per month in this price range, but in Q2 we saw an average of 7 homes selling each month. There are also currently 8 properties under contract in this price range. We are now at a 4 month supply of inventory, which is down 54.29%!

Homes Sold

3 Months - 21 Homes
6 Months - 33 Homes
12 Months - 59 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending
Search This Price Range

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

Sales grew by 7.69% in this price range with an average of 4.67 homes selling per month. We are at a 7.29 month supply of inventory in this price range, which favors a buyer. There are big differences between what is selling and what is sitting in this range though. I did a separate study analyzing what is selling. Approximately 71% of the property selling in this range were above the 10th floor and consisted of a minimum of 1,500 sf, but only 21% of the current active inventory meets this criteria.

Homes Sold

3 Months - 14 Homes
6 Months - 27 Homes
12 Months - 61 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending
Search This Price Range

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

This price range had zero sales in the second quarter of this year. That is very unusual, but also doesn’t tell the whole story. If we were to factor in the sales in Savina and Pacific Gate, there would be quite a bit of activity in this range, but since the new home sales aren’t public, it is difficult to say how many closings there actually were in this range.

Homes Sold

3 Months - 0 Homes
6 Months - 3 Homes
12 Months - 8 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending
Search This Price Range

> or = $2,500,000

Homes Sold

3 Months - 1 Homes
6 Months - 3 Homes
12 Months - 8 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending
Search This Price Range

*All information is deemed reliable, but not guaranteed. Information obtained through the San Diego MLS on July 2nd, 2019.

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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