San Francisco Condo Prices Continue to Rise: $1,144 per sqft (new condo), $953 per sqft (resale)
According to The Mark Company Trend Sheet, the value of new construction condominiums in San Francisco was $1,144 per square foot in June, up 13 percent year over year, and the value of resale condominiums was $953 per square foot, up 23 percent year over year.
Below you will find the recent new construction and resale condominium report from the Mark Company, one of the leaders in new development sales in San Francisco, and the market guys behind the enormously successful Amero, Arden, 8 Octavia, Park 181, as well as past home runs at The Brannan and 733 Front. They have extensive knowledge and analysis on our real estate market for high rise, luxury, and new constructions, as well as how these properties are being resold.
San Francisco condominium prices rose 13 percent in June 2014 over the previous year, according to the Condominium Pricing Index released by The Mark Company.
The Condominium Pricing Index for June was $1,144 per square foot, which is up 2 percent from May. New construction inventory was 63 percent higher than a year ago, but down 2 percent from the previous month, with 401 units now available.
“While several new developments have begun selling recently in San Francisco, including Arden by Bosa and 8 Octavia, the additional inventory has not been sufficient to stop the persistent appreciation in prices in recent months,” noted Erin Kennelly, senior director of research, The Mark Company.
The Condominium Pricing Index, part of the firm’s monthly Trend Sheet (available at www.themarkcompany.com), 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 $1,964 per square foot in June, up 13 percent year over year.
The condominium price per square foot was $953 for resales, up 23 percent year over year and up 2 percent from May 2014, according to The Mark Company Trend Sheet for San Francisco. In addition, there were 268 condominium resales in San Francisco in June, 274 active condominium listings representing approximately one month of inventory, and 168 pending condominium listings, the Trend Sheet found.
Available units include less than 117 residences at Arden in Mission Bay, 29 residences at 8 Octavia in Hayes Valley, 16 condominiums at 1645 Pacific in Nob Hill, 23 units at Fifteen Fifteen in the Mission District, 20 condominiums at Millwheel North in the Dogpatch, 11 units at the Mint Collection in the South of Market neighborhood, and 74 residences at Vida in the Mission District.