Market Trends: San Diego 92014, 92037, 92064, 92067, 92075, 92091, 92121, 92122, 92126, 92127, 92128, 92129, 92130, 92131 — March 2026
Key Metrics at a Glance
| Metric | Value | Trend |
|---|---|---|
| Median Sale Price (0-3 Mo) | $610,000 | Declining |
| Median $/SF (0-3 Mo) | $648.14 | Increasing |
| 12-Mo Linear $/SF Change | 2.42% | Positive |
| Months of Inventory | 3.9 | Tight supply |
| Median Days on Market | 16 | Improving |
| SP/LP Ratio | 99.5% | Stable |
| Sales Volume Change (Qtr) | -39.3% | Decreasing |
| Anticipated Marketing Time | 60-90 days | Active market |
Analysis
The divergence between declining median sale prices and rising median $/SF warrants careful interpretation. When overall prices fall while per-square-foot values rise, the most likely explanation is a compositional mix shift—that is, a greater proportion of recent sales involve smaller or lower-priced unit types (such as one- and two-bedroom condos) rather than larger townhomes or premium units. This shift in the sales mix mechanically pulls the median sale price downward even as individual unit values on a per-square-foot basis are appreciating. Analysts should not interpret the headline price decline as evidence of broad market distress; the $/SF metric provides a more normalized measure of value across different property sizes.
The supply-side indicators paint a picture of a lean but functional market. With only 22 active listings and 3.9 months of inventory, the market remains supply-constrained. The dramatic drop in median DOM from 47 to 16 days confirms that absorption is rapid for properly positioned listings. The SP/LP ratio of 99.5% indicates that sellers are achieving near-full asking prices, with minimal negotiation. New listing volume has increased modestly (9.1% quarter-over-quarter), suggesting that some additional supply is entering the pipeline, though not at a pace that would materially shift the supply-demand balance.
Overall, the 92129 condominium and townhome market as of 03/20/2026 is best characterized as a supply-constrained environment undergoing compositional mix adjustment. While headline median prices have retreated from recent peaks, this is driven by the types of units transacting rather than declining per-unit values. The positive 12-month linear $/SF trend of 2.42%, tight inventory at 3.9 months, strong SP/LP ratio of 99.5%, and rapid absorption at a median 16 DOM collectively indicate a market that favors sellers. The anticipated marketing time of 60-90 days is consistent with an active, competitive environment. Buyers should expect limited negotiating leverage, and sellers can anticipate reasonable exposure periods with close-to-asking-price outcomes.
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