As of September 30, 2024, the San Diego apartment market for 2-4 unit properties has shown notable trends, reflecting a significant shift from previous years. Here’s a concise summary of the key statistics and San Diego's market analysis.
Please note: outliers have been removed and any list price value ranges were averaged. Results can vary depending on different data rules, zip code exclusions, or any other variances applied.
San Diego Market Analysis Sales Overview:
There has been a 21% decrease in sales compared to the average monthly sales per year since 2018, which saw around 69 sales per month. (The anomaly 2021 removed from data*)
A total of 490 properties have been sold year-to-date, indicating a slowdown in market activity.
San Diego Market Analysis Pricing Insights:
The average sold price for these properties stands at $1,455,302.
Average per year since 2018
2018 Total sales 831 (69 per month) | 39 DOMLS | Average Sale Price: $911,837
2019 Total Sales 860 (71 per month) | 40 DOMLS | Average Sale Price: $915,000
2020 Total Sales 819 (68 per month) | 40 DOMLS | Average Sale Price: $1,001,000
2021 Total sales 1,145 (95 per month) | 34 DOMLS | Average Sale Price: $1,196,000
2022 Total Sales 775 (64 per month) | 29 DOMLS | Average Sale Price: $1,418,000
2023 Total Sales 591 (49 per month) | 39 DOMLS | Average Sale Price: $1,436,000
2024 YTD September 30 sales 490 (54 per month) | 40 DOMLS | Average Sale Price: $1,455,302
Properties are selling for an average of $91,536 less than their listing price, which highlights potential negotiation opportunities for buyers.
The average active list price is currently at $1,743,838, reflecting the pricing strategies of sellers in a cooling market.
San Diego Market Analysis Market Activity:
Currently, there are 288 active listings for 2-4 unit properties, providing options for prospective buyers.
The average days on market (DOM) for sold properties is approximately 40.30 days, compared to current listings at 50.37, suggesting that properties are taking longer to sell compared to previous years.
Conclusion
The current state of the 2-4 unit market in San Diego indicates a slowdown, with decreased sales and longer selling periods. Buyers might find favorable conditions for negotiations, while sellers may need to reassess their pricing strategies to attract buyers in this changing market landscape. Keeping an eye on these trends will be key for making informed decisions in the coming months.
©2024 Apartment Consultants, Inc. This information has been secured from sources we believe to be reliable, but we make no representations or warranties to the accuracy of the information. References to square footage are approximate. Buyer to verify all information and bears all risk for any inaccuracies. Our blogs are provided on selected topics and should not be relied upon as a complete report of all new changes of local, state, and federal laws affecting property owners and managers. Laws may have changed since this article was published or may have been misinterpreted. Before acting, be sure to receive legal advice or consult a licensed CPA.
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