We’ve compiled the monthly sales data for new condominiums in San Francisco over the past two years.
While it’s not an aggregate statistic which the sales and marketing companies release, total contract signings in the first half of 2016 totaled under 400, down over 30 percent versus the first half of 2015. And sales volume, the purest measure of market demand, was 50 percent lower on a year-over-year basis in the second quarter of the year.
At the same time, the inventory of unsold units has increased over 40 percent to roughly 1,200. And as we first reported last week, a pricing index for new condos is San Francisco has turned negative on a year-over-year basis for the first time, having peaked exactly ten months ago, at which point it was 5 percent higher in the absolute.