San Francisco – San Francisco new condominium prices increased 3 percent in June 2015 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 June was $1,304 per square foot, an increase of 3 percent from last month and 14 percent higher than the same month last year. New construction inventory increased 3 percent from last month and 109 percent increase from one year ago.
“New construction inventory is continuing to increase with the recent addition of 122 market rate units at Fulton 555 in the Hayes Valley neighborhood. There are now approximately 837 new condominium units available in San Francisco. The total number of new condominiums available is more than double the number available last year at this time,” said Erin Kennelly, senior director of research, The Mark Company.
New condominium absorption, which measures the number of new condominiums that were put into contract during the month prior, totaled 95 units during June. This is a 43 percent decrease from the previous month and 57 percent decrease from one year ago. The average monthly condominium absorption for the past 12 months was 79 units. In active markets such as San Francisco, this new construction absorption is a useful tool to help gauge buyer demand.
“The average resale condominium price per square foot for all resale condominiums sold in San Francisco in June was $1,039, a 10 percent increase from last month, and 9 percent increase from one year ago. Resale inventory is still extremely low, with only 251 units sold this month, and 226 active resale condominium listings,” added Kennelly.
The Condominium Pricing Index, part of the firm’s monthly Trend Sheet (available at www.themarkcompany.com), 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 has also released the June Downtown Los Angeles Trend Sheet as well as the June Downtown Seattle Trend Sheet. 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, CIM Group 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 181 Fremont Residences in San Francisco, Turnberry Towers in Las Vegas and SL70 in Los Angeles. For more information, visit www.TheMarkCompany.com.