Rendering via vidasf.com
San Francisco new condominium prices increased 4 percent from the previous month in February, according to a new report by The Mark Company.
The value of new construction condos was $1,221 per square foot last month, a 19 percent gain from February 2014. The Mark Company Condominium Pricing Index represents the price per square foot of a new 10th-floor, 1,000-square-foot condo, based on recent sales data.
The Mark Company Penthouse Pricing Index, which measures the value of a new 30th-floor, 2,000-square-foot condo, was $2,907 per square foot in February. This marked a 6 percent decrease from the previous month and a 3 percent year-over-year gain.
Inventory for new homes slipped by 7 percent from January to February, but remains a solid 1,715 percent higher than the previous year’s supply. There is currently a total of 708 new condo units available for sale in the city.
Resale inventory remains scarce, with only 81 active resale listings, representing 1.4 months of inventory at the current pace of sales. Six months of inventory is commonly accepted as equilibrium between a buyer’s and seller’s market.