Image via 870harrison.com
The more things change, the more they stay the same: San Francisco new condo prices in January were up 13 percent from the previous year, but unchanged from December, according to The Mark Company.
The Mark Company Condominium Pricing Index for last month was $1,176 per square foot — the same level as the December index. New construction inventory was down 2 percent from the prior month, but 716 percent higher than the previous year.
The Condominium Pricing Index, released monthly, represents the price per square foot of a new 10th floor, 1,000-square-foot condominium. It’s calculated from recent sales data, using a proprietary quantitative method to measure trends in market demand without the unpredictability of inventory changes.
The Mark Company Penthouse Pricing Index, which represents the price of a new 30th floor, 2,000-square-foot condominium, was $2,019 per square foot in January — again, the same level as the December index, but 13 percent higher compared to January 2014.
“While there was no monthly increase in new condominium prices, January historically sees little or no appreciation compared to the previous month,” Erin Kennelly, senior director of research at The Mark Company, said in a statement.
New condo inventory remains scarce, with a total of 759 new condos available in San Francisco. Available residences include 456 apartments at South Beach’s Lumina, 165 units at Summit 800 by Lake Merced, 24 units at Vida in the Mission District, 19 units at M@1875 in the Mission, 15 units at Park Lane in Nob Hill and 10 units at 8 Octavia in Hayes Valley.
Condo resale prices averaged $943 per square foot, a 6 percent month-to-month increase. There were 146 condo resales in January, 164 active condo resale listings and 93 pending listings, with 1.1 months of inventory available at the current sales pace.