While prices for houses are starting to level, the median condominium sales price ticked down 0.9% between May 2009 and June 2009 and fell 15.2% between June 2009 and June 2008.

Declining prices are function of inventory. The number of condos for sale has increased monthly since the beginning of 09, with 1,048 condo units for-sale at the end of June 2009. About a third of those condos are in South Beach, SOMA, and Mission Bay, where speculation ran highest.

Lots of new homes competing with resales and speculative activity during the real estate boom resulted are the biggest reasons for so many available condos.  On the positive side, pending condominium sales increased in June 2009 to 248 units.

We should take all this news with a grain of salt, since these figures don’t factor in all new homes sales. Word on the street is that developers are not discounting as heavily in buildings like the Infinity and SFBlu.

This entry was posted on Monday, August 10th, 2009 at 3:36 pm and is filed under Market Conditions, Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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