The Mark Company is pleased to release On The Market for the second quarter of 2012.
The residential real estate market continued to improve during the second quarter of 2012 despite a lackluster economic recovery. Despite this general economic malaise, the technology sector – much of it headquartered in the Bay Area – is thriving. The San Francisco condominium market benefitted from new wealth created by social media companies, as evidenced by strong year-over-year increases in both new condominium sales (+84%) and price per square foot (+8%). Condominium sales in Downtown Los Angeles and Downtown San Diego were also strong, and new condominium inventories in all three urban markets are becoming extremely low.
The rental market also improved in California’s major urban centers. Rental increases compared to one year ago ranged from 12.9% in San Francisco to 11.5% in Downtown Los Angeles to 4.1% in San Diego. Vacancy rates increased slightly, but remained low, ranging from 5.1% in San Francisco to 4.4% in San Diego and 6.6% in Los Angeles.
Please click this link to download the new report:
Please look forward to our third quarter 2012 report, which will be released in November.