San Diego Condo Prices Jump 2% In May 2007

Data just in for the month of May 2007 shows the sold prices of San Diego condos rose 2% over the last month. O’ how the media loves to report the median price of a condo as that’s all a journalist education can often understand. However, the real number to watch is the sold cost per square foot as it’s a better indicator of true prices as the median is often skewed with a change in the mix of home sizes sold.

This is even truer in the downtown San Diego condo market which often will have new building come on line that influences the data heavily. For example, for this same time period the median price actually fell one percent, meaning that more lower priced homes were sold than higher priced, but for the same home in both periods its value rose 2%. The average price per square footage sold in May of 2007 was $569. The median price sold was $660,674.

It is expected that the median price of a San Diego condo in downtown will jump dramatically by year end 2007. The media is going to love it as it will make good headlines. Reason being is that the majority of condos buildings that will be completed this year are upper end buildings with higher than average quality and prices. So if you’re a buyer waiting for prices to drop your really not going to like reading the article in the Sunday paper that median prices rose significantly over 2006 levels, unless of course you buy before that article come out.

For more statistical data visit http://www.LiveAtTheTop.com

Downtown San Diego condo expert and RE/MAX Realtor. No active Realtor has lived in the Gaslamp district longer than Mark Mills.

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