Market Conditions - July 20, 2006 by Carla L. Davis
Downtown San Diego, California, has a current average list price of $1,010,793. With those hot market prices -- and boiling temperatures outside-- can buyers stand the heat? Experts note that there are three times as many homes on the market now as opposed to last year -- as many as 22,600 listings. That's quite a selection -- good news for buyers. One experts reports, "The San Diego real estate market seems to have been in a stall for the last couple of quarters. Many buyers have been sitting on the sidelines, while sellers begin to realize that the top of the market appears to have occurred some months back. Both sides of the equation are now realizing that the market has shifted to one that favors buyers and that rewards sellers who understand market conditions and price their property accordingly." The California Association of Realtors has issued similar findings. While prices rose quickly the last few years -- now prices are beginning to normalize -- and rise at more healthy appreciation rates. Buyers are being more choosy, which means sellers will need to have their home in pristine selling conditions, and be willing to make certain concessions. And as prices normalize, affordability will become less of a road block for some would be homeowners. San Diego had consistently low affordability rates over the last two years. December of 2005 was 9 percent, meaning only 9 percent of the population was able to afford the median priced home. | 
