March 2024 Multifamily Sales Report - San Diego
Key Points
- Sluggish Sales: Only 10 transactions occurred in San Diego County in March, down by 2 compared to February.
- Small Buildings Dominate: 70% of deals involve buildings with 5-9 units.
- Outlier Sale: Terra Nova Villas sold for $82 million and was the largest sale of the year.
- Lower Prices Than Headlines Suggest: One high-priced sale (3898 Lamont) skewed the average price per unit higher. Excluding this transaction, the average price per unit sold was $320K.
- Limited Inventory: Average building age is 65, highlighting lack of new construction.
- Scattered Activity: Sales occurred in only 7 cities, with the City of San Diego topping the list with 4 of the 10 transactions.
