15Oct
By: Ryan Ponce On: October 15, 2020 In: Downtown San Diego, Market Update Comments: 0

2020 Quarter 3 – Downtown San Diego Housing Market

The number of sales jumped drastically from Quarter 2 to Quarter 3, which isn’t surprising given the terrible April/May we saw this year. In Quarter 3, we saw an 89.2% increase in the number of sales in Downtown San Diego. What is more important is we saw a 30.5% increase from Quarter 3 of 2019. We are also entering Q4 with 102 properties in escrow. While we are seeing a huge jump in activity, the number of active listings is also up by 8.4% when compared to last quarter.

Columbia District, Little Italy and Marina District saw the most growth in sales. All three of these digits more than doubled their sales from the previous quarter. An interesting number to look at is the average size of condos selling in Downtown San Diego. The average square footage went from 1,016 sf to 1,098 sf, which is an 8.1% increase. Is this directly related to COVID-19 and so many people working from home?

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 San Diego 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 - 244 Homes
6 Months - 378 Homes
12 Months - 731 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$200,000-$399,999

There were 46 sales this quarter, which is an increase of 31.4%. That may sound good, but there are also 31% more listings on the market in this price range. There are currently 15 properties under contract in this price range, which is down 16.7% compared to last quarter. That could mean that this segment of the market is slowing down a little.

Homes Sold

3 Months - 46 Homes
6 Months - 83 Homes
12 Months - 160 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$400,000-$599,999

This is the hottest segment of the market. The number of sales increased by +83.7%, the number of available listings is down -4.7%, Inventory (or month’s supply) is down by -48.1% and we are entering the new quarter with 32.4% more listings under contract when compared to last quarter. This price range also accounted for 36.9% of all sales in Quarter 3, but only accounts for 24.4% of the inventory.

Homes Sold

3 Months - 90 Homes
6 Months - 141 Homes
12 Months - 281 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 price range is up +129.2% compared to Quarter 2. That is a very large increase, but the number of active listings is also up by +26.3%. Overall, the month’s supply, or inventory, is down -44.9% when compared to last quarter and we are entering the forth quarter with 66.7% more properties in escrow.

Homes Sold

3 Months - 55 Homes
6 Months - 79 Homes
12 Months - 148 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

$800,000-$999,999

This price range had a good quarter over all. Sales were up +225%, but in quarter 2 there were only 8 sales so that isn’t saying much. 26 sales in three months is a really good quarter for this range though. The downside for this price range is we saw a 30% increase in available listings and we entered into quarter 4 with -55.6% less properties under contract.

Homes Sold

3 Months - 26 Homes
6 Months - 35 Homes
12 Months - 65 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

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

This range saw a +110% increase in the number of sales, from 10 to 21 this quarter. Active listings has also remained the same, bringing the month’s supply down by -52.4%. We also ended the quarter well with an increase of +66.7% more homes in escrow going in to quarter 4.

Homes Sold

3 Months - 21 Homes
6 Months - 31 Homes
12 Months - 54 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

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

In these higher price ranges, there is a small sample size so it is difficult to get the full picture from these numbers. There were 5 sales last quarter, which is above average for this price range. There are also 3 in escrow going in to Quarter 4, which is a good amount. That being said, there are currently 20 listings available, which is more than what sells per year on average in this price range.

Homes Sold

3 Months - 5 Homes
6 Months - 8 Homes
12 Months - 18 Homes

Average/Month

  • 12mo
  • 6mo
  • 3mo

Months Supply

  • 12mo
  • 6mo
  • 3mo

Available Homes

  • Active
  • Pending

> or = $2,500,000

This segment tends to always be the slowest. There are currently 21 options on the market and only 1 home sold last quarter. There have only been 5 sales in the last 12 months in this price range, suggesting there is an over 4 year supply of inventory.

Homes Sold

3 Months - 1 Homes
6 Months - 1 Homes
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 San Diego MLS on October 2nd, 2020.

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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