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San Francisco new condo prices are up 15 percent from the previous year, according to a report released today by The Mark Company.
The Condominium Pricing Index for November was $1,163 per square foot, which is a 1 percent decrease from the previous month. The index reflects the price per square foot of a new 10th floor, 1,000-square-foot condo, based on recent sales data, and uses a proprietary quaintitative method to measure market demand trends.
There are a total of 820 new condo units available in the city, according to the report; new construction inventory was 10 percent lower than October’s supply, but more than 500 percent higher than in November 2013, thanks to the launch of 655-unit Lumina in Rincon Hill.
Available units include 496 residences at Lumina, 167 units at Summit 800 at Lake Merced, 53 residences at Vida Condos in the Mission, 29 units at Mission at 1875 in the Mission, 19 units at Park Lane in Nob Hill, four units at Thirty Five Dolores in Mission Dolores and three units at 870 Harrison Street in SOMA.
“In San Francisco, 2014 is shaping up to be a banner year for new condominium sales,” Erin Kennelly, senior director of research at The Mark Company, said in a statement. “Despite approximately 1,700 new condominiums brought to market, demand has remained strong, and extremely low resale inventory is likely to fuel further price increases in 2015.”
The Mark Penthouse Pricing Index, which reflects the price of a new 30th floor, 2,000-square-foot condominium, was $1,996 per square foot in November. That’s a 1 percent decrease from the previous month but a 15 percent increase from November 2015.
Resale condos were $928 per square foot, an 8 percent uptick from October. Last month, there were 201 condo resales in the city.