July 2014 San Francisco New Condominium Prices Drop 3 Percent Over Previous Month

The Mark Company Trend Sheet Tracks New Construction and Resale Market Trends


San Francisco – August 11, 2014 – San Francisco new condominium prices declined 3 percent in July 2014 over the previous month, according to the Condominium Pricing Index released today by The Mark Company, a leading urban residential marketing and sales firm.

Despite the 3 percent month over month decline, The Mark Company Condominium Pricing Index for July was $1,109 per square foot, which is up 9 percent from the previous year.  New construction inventory was 8 percent higher than last month, and up 18 percent year over year, with 435 units now available.

“Over the last few years, residential real estate prices in San Francisco have increased during the first half of the year but remained essentially flat for the second half, and the recent numbers indicate this trend will continue throughout the remainder of 2014 before rising again early next year,” stated Erin Kennelly, senior director of research, The Mark Company.

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 $1,904 per square foot in July, down 3 percent from the previous month and up 9 percent year over year.

The condominium price per square foot was $892 for resales, down 6 percent month over month and up 6 percent from July 2013, according to The Mark Company Trend Sheet for San Francisco.  In addition, there were 250 condominium resales in San Francisco in July, 302 active condominium listings representing 1.2 months of inventory, and 141 pending condominium listings, the Trend Sheet found.

Available units include 182 residences at Summit 800 at Lake Merced, less than 70 condominiums at Arden in Mission Bay, 68 residences at Vida in the Mission District, nine units at the Mint Collection in the South of Market neighborhood, five units at Millwheel North in the Dogpatch, three residences at 1645 Pacific in Nob Hill, and two condominiums remaining at Fifteen Fifteen in the Mission District.

The Mark Company has also released the July 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, Park 181 in San Francisco, and SL70 in Los Angeles.  For more information, visit www.TheMarkCompany.com.

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