Downtown San Diego Condo Inventory Growing

Downtown San Diego Condo Inventory

While many feel the market softening in the downtown San Diego condo market, the average asking price continues to climb. While there are more units available than ever before there are also bigger and better units available that were not available in the past contributing to the price increases. The average asking price in July 2006 was $746,000. The average sales price is only $645,000, the difference is due to people reducing their prices before finding a buyer and some penthouses remaining unsold.

While many units require a price reduction prior to finding a buyer, the average sales price both YTD and for the month of July 2006 was within 96% of the asking price. There is not a lot of negotiating room as a percentage of the sale but when you taking 4% of a $750,000 condo, it amounts to $30,000, which is considered a very good discount by many buyers.

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