The Mark Company Trend Sheet Tracks New Construction and Resale Market Trends
San Francisco – January 13, 2015 – San Francisco new condominium prices rose 1 percent in December 2014 from the previous month, according to the Condominium Pricing Index released today by The Mark Company, a leading urban residential marketing and sales firm.
The Mark Company Condominium Pricing Index for December was $1,178 per square foot, which is 14 percent higher than the previous year. New construction inventory was down 6 percent from last month, but more than 740 percent higher than a year ago due primarily to the addition of Lumina in the Rincon Hill neighborhood. There are now a total of 775 new condominium units available in San Francisco.
“2014 was a banner year for new condominium sales in San Francisco,” stated Erin Kennelly, senior director of research, The Mark Company. “Despite approximately 1,700 new condominiums brought to market, demand has remained strong, and an extremely low number of available resales is likely to fuel further price increases in 2015.”
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 $2,023 per square foot in November, up 1 percent from the previous month and 14 percent higher year over year.
The condominium price per square foot was $891 for resales, down 4 percent month over month, according to The Mark Company Trend Sheet for San Francisco. In addition, there were 210 condominium resales in San Francisco in December, 98 active condominium resale listings representing a half month of inventory, and 96 pending condominium resale listings, the Trend Sheet found.
Available units include 486 residences at Lumina in Rincon Hill, 165 residences at Summit 800 at Lake Merced, 40 residences at Vida in the Mission District, 26 units at Mission at 1875 in the Mission District, 18 units at Park Lane in Nob Hill, six residences at Amero in Cow Hollow, one unit at Thirty Five Dolores in Mission Dolores, and one condominium available at 870 Harrison Street in SOMA.
The Mark Company has also released the December Downtown Los Angeles Trend Sheet and Pricing Index, as well as the Downtown Seattle Trend Sheet and Pricing Index. Both are available for download at www.themarkcompany.com.
About The Mark Company
The Mark Company is one of the nation’s premier urban residential marketing and sales firms. Founded by Alan Mark, The Mark Company provides a full range of core consulting services including analytics, design, marketing and sales for urban high-rises and suburban attached properties throughout the Western United States. The firm is a trusted partner to leading residential developers and financial institutions such as Tishman Speyer, iStar Financial and Bosa Development. Since 1997, The Mark Company has represented more than 10,000 residences and generated over $5 billion in sales for some of the nation’s most notable and successful developments including 300 Ivy in San Francisco, Spire in Denver, Evo in Los Angeles, and The Martin in Las Vegas. Current projects include The San Francisco Shipyard, 181 Fremont Residences in San Francisco, and SL70 in Los Angeles. For more information, visit www.TheMarkCompany.com.