Welcome to San Diego Blog | June 25, 2010
May 2010 Condo Sales Downtown San Diego
Downtown San Diego Condo Sales are up, up, up in May of 2010. With 136 total condo sales for this month, we are up almost 25% over last months total sales. What is the motivating factor behind this huge jump in sales? Some attribute it to the first time home buyer credits by both the state and the federal governments. For the period between May first and the end of June, many buyers were able to double dip and collect both the $8000 federal tax credit and the $10,000 state tax credit.
Downtown San Diego Condo Prices
Only time will tell if it truly is the home buyer tax credits that are boosting the number of sales of lofts in San Diego. Sales trends typically rise this time of year as this is the “season” for buyers of Downtown San Diego properties. Other contributions may be all time low interest rates and great deals that are popping up in every downtown neighborhood.
Still, approximately 75% of all the sales this month are still in the $500,000 and below market segment. This is attributed to financing that is still tightened down and the inflexibility banks are having lending to self employed individuals. Once we see stated income loans come back for self employed individuals that write everything off, we will see the San Diego real estate market make a solid rebound. For now, we will continue to see the bottom of the market move while the luxury market segment will continue to search for a floor on prices.
For more information about what is happening in the downtown market, contact us. Remember, it costs you nothing to have us represent you as your exclusive buyer’s agent. When we negotiate the purchase or sale of your condo, you win!