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For a few weeks there, things were looking relatively stable in the downtown condo market.
Between May 24 and June 21, the number of condos for sale in the 92101 ZIP code only increased by 10 – a pretty modest rise by downtown’s standards.
But that spell has apparently broken. Little Italy Realtor Lew Breeze, who monitors the number of condos for sale in downtown, is reporting that another 13 condos were put up for sale between June 21 and June 28. The numbers aren’t out for this week yet, but Breeze usually updates his figures on Wednesday.
Analysts and investors watch the inventory levels – how many properties are listed for sale – because a large supply of properties usually has a dampening effect of property values. It’s basic supply and demand: As supply goes up, prices come down.
According to Breeze’s figures, the median sales price for downtown condos has been slipping for months and is now at its lowest level since Breeze started collating median sales prices in June 2005. The median sales price as of June 28 was $609,500.