San Diego Real Estate Update - 92116 - June 2025

Inventory is really stacking up in 92116. Hang out for a couple of minutes and I'll show you what's going on. Today, we are bringing you by special request a 92116 real estate market update. University Heights, Normal Heights, Kensington, basically east along Interstate 8. Well, let's take a look at it here. Let's take a look at what's going on. As I was saying, west to east along Interstate 8, in between 15 and Montezuma, basically, and Mid-City, you have Kensington with some of these homes more than 100 years old, Spanish bungalows in Normal Heights. Again, some of these homes built in the 1940s, 30s, 20s, really interesting properties, very cool stuff going on. The Adams Avenue Restaurant and Art and Antique Shops, just a lot of really cool stuff in 92116. But let's take a look. We currently have 100 active listings in this zip code and 24 pending. And that's not very much when you have a three to one active pending ratio. That means inventory is stacking up and things are slowing down because in the last 30 days, we've seen 38 closings in this zip code. And now currently only 24 pending. A lot of these are higher price points and those higher price points struggle a lot when inventory starts to grow, interest rates remain high. There's just not a buyer on every street corner for a lot of these higher end homes. And there's a lot more inventory in higher end homes around the county. So these buyers can be few and far between and also have a lot of options right now. So with that, let's take a look at some of the longer term trends in 92116. Looking at median price for single family detached homes going back to 2022, 92116 was at 1.41, San Diego County at 900. So 92116 definitely running well above the county median. And it's kind of been hanging out in that 1.4 range with a couple of spikes up into the one, five, two. That's supposed to be one really expensive home that sold there in January of 24. But mostly we see ourselves right around the 1.4 mark. Currently 1.6, so from January of 2022 at 1.41 to here in May of 2025, median is 1.6. Again, well above the county median. Looking at the percentage of original list price to final closed sale price, it's like everything else that we look at. Spring of 2022 was the height of it. 92116 peaked a little sooner than a lot of zip codes at 113%, super high demand, super buyer exuberance at that point. And look at where it got down to by January of 2024, 89.7. That would have been a phenomenal time to buy into 92116. People were negotiating deals that were more than 10% off of original list price on average. And now here we are, not bad. I mean, the 24 that are, or the 38 that closed in the last 30 days closed at 100.7% of original list price where San Diego County is sitting at 98.8. So it's an interesting thing that's happening. As inventory stacks, the homes that are selling are still selling for almost full price. And so you've got a whole bunch of homes that aren't selling and the handful that are, are selling at strong prices. And this is just an example of proper pricing. When you list a home, you got to price it well, if you want to sell. And we have made at least one video on that particular topic, you know, how that, how that works and what I mean when I say that. So looking at market time, interestingly enough, it's low in 92116. Again, these are the homes that are going under contract. This does not yet incorporate the ones that are currently sitting on the market. When those start to sell, this market time should jump up. San Diego County currently at 24 days, 92116 at 11 days. So that's what's going on in 92116. If you like what you see, please like, share, subscribe and comment. We'd love to hear from you. So with that, I will say, we're going to be back with some more great real estate information. So stay tuned and we'll see you later. Have a great day.