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San Francisco new condo prices increased 14 percent year-over-year in December, according to a new report released today by The Mark Company.
The Mark Company Condominium Pricing Index reached $1,178 per square foot last month, up 1 percent from November. The index represents the price per square foot of a new 10th floor, 1,000-square-foot condo, based on recent sales data and trends in market demand.
The Mark Company Penthouse Pricing Index, which applies the same method for a new 30th floor, 2,000-square-foot condominium, was $2,023 per square foot in December, a 1 percent increase from October and a 14 percent increase from the previous year.
There are a total of 775 new condo units available in San Francisco, according to The Mark Company. Lumina in Rincon Hill, which released a new batch of residences at its third building last week, had the highest number of available residences (486), followed by Summit 800 at Lake Merced (165) and Vida in the Mission District (40).
New construction inventory declined 9 percent in December 2014 from the previous month, but was still a whopping 740 percent higher than supply in December 2013.
The price per square foot for resale condos was $891, down 4 percent from the prior month. There were 210 condo resales in the city in December, 98 active resale listings representing a half month of inventory and 96 pending resale listings.