San Diego Multifamily Property 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 Multifamily Property 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 Multifamily Property 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 San Diego Multifamily Property Market 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.