San Diego Micros Markets: Let's Go Deeper

Last week, I wrote about how San Diego has evolved beyond four broad housing markets into a collection of micro markets. But geography is only part of the story. Even within the same neighborhood, two properties can be experiencing very different market conditions simply because one is a detached home and the other is a condo or townhome.

The Numbers Tell the Story

Recent San Diego housing data shows a growing divide between the two. Detached homes have roughly 2.4 months of inventory, with available inventory down approximately 25% from a year ago. Condos and townhomes, meanwhile, have roughly 4 months of inventory, with inventory up about 6%. Same city. Sometimes the same neighborhood. Very different market dynamics.

Why Is This Happening?

I think affordability and homeowner equity are playing major roles. Many detached homeowners purchased years ago, have substantial equity and are carrying mortgage rates well below today's levels. Unless they have a compelling reason to move, many simply aren't selling. Condos and townhomes tend to serve a more affordability conscious segment of the market. As more inventory has become available, buyers in that segment have gained more choices and, in some cases, more negotiating power.

The Market Within the Market

This is why broad San Diego statistics only tell part of the story. It is no longer enough to ask, "How is the San Diego market?" The better question might be: "How are detached homes around $2 million performing in this specific neighborhood?" Location matters. Property type matters. Price point matters. And increasingly, understanding how those pieces interact is where opportunities are created for both buyers and sellers.

If you have been wondering what the market actually looks like for your home, neighborhood or price point, reach out. I am always happy to break down the numbers and help you understand where you stand.