The San Diego Condo Market

However if you were to talk to one or more San Diego Condo realtors you'd observe and be surprised by the difference in perception between them and the gloom and doom economists' prediction for 2007. Because no matter how you cut it, the realtors are the people who actually know what is going on the San Diego Condo real estate market. They're the ones that see what sells and what doesn't sell and they also know why.

The fact is that the San Diego Condo realtors just don't see the situation like the economists do, for them there is no gloom and no doom. Existing San Diego Condo sales are recovering somewhat since the end of 2006. With 17,259 condos and homes listed for sale and almost 2000 of them sold in the last thirty days. This means a rise of 19.2 percent over the November 2006 figures, and the San Diego Condo sales saw a 16.6 percent rise. However this doesn't mean that the so called bubble is back, because it's not; 2006 had probably the worse figures for San Diego Condo and home sales since they began tracking such statistics in 1998. The number of homes sold was down by more than twenty percent and the San Diego Condo market was down by more than twenty-five percent. but the December figures were favorable for the San Diego Condo and home market.

The median home prices in December were $555,000 and $351,000 for condos. The average price for homes rose by 2.9 percent in December and the price for an average San Diego Condo rose by 0.3 percent.

However the number of days homes sit on the market before being sold have risen as well, from 64 days in December 2005 to 73 days in December 2006. The number of days for condos has moved from 65 days in December 2005 to 73 days in December 2006. So, any seller should prepare for the delay in sales, knowing that it will take longer.

Now although all these figures are indeed lower than year-end 2005, the San Diego Condo and home market is resurrecting. Even the developers are optimistic and continue to build new housing although this will add to the inventory already on the market and competes with home owning sellers.

San Diego Condo and home realtors see that the current market is an advantage to the buyers, and there are some incredible bargains that are bringing previously reluctant buyers into the market.

There is one factor that has always helped the San Diego Condo and home real estate market, and that is its location. The San Diego Condo and home real estate market will always be an active one because there is only so much land within San Diego and there are not many options to expand.

The San Diego realtors remain optimistic because the city's economy is continuing to grow they see the pricing adjustment to more practical levels as healthy and normal. And although all realtors agree that now the San Diego Condo and home real estate is currently a buyers' market, but with the right experienced realtor both sellers and buyers can negotiate some very good deals.

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