San Francisco – San Francisco condominium prices rose 13 percent in March 2014 over the previous year, 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 March was $1,030 per square foot, which is unchanged from February. New construction inventory was 35 percent lower than a year ago, but up more than 250 percent from the previous month with 138 units now available.
“While new construction rose significantly in March, 138 units is still an extremely low number for total new units available. By contrast, in 2007 available new inventory peaked at nearly 3,000 units,” states Erin Kennelly, senior director of research, The Mark Company.
The Condominium Pricing Index, part of the firm’s monthly Trend Sheet (available atwww.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 $1,768 per square foot in March, up 13 percent year over year.
The condominium price per square foot was $863 for resales, unchanged from February 2014 but up 11 percent year over year, according to The Mark Company Trend Sheet for San Francisco. In addition, there were 241 condominium resales in San Francisco in March, 205 active condominium listings representing less than one month of inventory, and 158 pending condominium listings, the Trend Sheet found.
The Mark Company has also released the March 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 South 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.