San Francisco Condominium Prices Increase 19% YOY
Below, and attached, you will find the recent condominium sales report from the Mark Company, one of the leaders in new development sales in San Francisco. They have a keen eye on all things new construction, high rise, and luxury that is popping up around town, and they are behind many of the sales offices you might be visiting. To say they know the high rise market in San Francisco would be an understatement. They are truly the front lines, so have a look.
APRIL 2014 SAN FRANCISCO CONDOMINIUM PRICES INCREASE 19 PERCENT OVER PREVIOUS YEAR
The Mark Company Trend Sheet Tracks New Construction and Resale Market Trends
San Francisco – May 19, 2014 – San Francisco condominium prices rose 19 percent in April 2014 over the previous year, according to the Condominium Pricing Index released today.
The Mark Company Condominium Pricing Index for April was $1,115 per square foot, which is up 8 percent from March. New construction inventory was 45 percent lower than a year ago, and down 1 percent from the previous month with only 136 units now available.
‘The Condominium Pricing Index underwent by far its largest single month gain this year, building on an already strong market in San Francisco caused by low inventory and extremely strong demand,’ notes Erin Kennelly, senior director of research, The Mark Company. ‘However, a surge of new condominium projects scheduled to come online this year may indicate an easing of the city’s inventory crunch.’
The Condominium Pricing Index, part of the firm’s monthly Trend Sheet, represents the price per square foot of a new 10th floor, 1,000-square-foot condominium. It is based on recent sales data, and uses a proprietary quantitative method to measure trends in market demand. It tracks the value of a new construction condominium without the volatility of inventory changes.
The Mark Company Penthouse Pricing Index, which applies the same methodology to a new 30th floor, 2,000-square-foot condominium, was $1,915 per square foot in April, up 19 percent year over year.
The condominium price per square foot was $927 for resales, up 7 percent from March 2014 and up 19 percent year over year, according to The Mark Company Trend Sheet for San Francisco. In addition, there were 307 condominium resales in San Francisco in April, 259 active condominium listings representing less than one month of inventory, and 155 pending condominium listings.”
With what little inventory there is all across the city, versus what incredible demand remains, these numbers should come as no surprise.
As always, I’m here to help if you have any questions, or would like to buy or sell in any luxury high rise tower in San Francisco.
–The Mark Company Trend Sheet (pdf)