The number of purchase contracts signed for new condominiums in San Francisco dropped to 32 in November, down from 110 in September and 20 percent lower versus the same time last year. And while the inventory of available units dropped to 1,058 on the 32 signatures, it remains 84 percent higher on a year-over-year basis according to sales data from The Mark Company.
At the same time, the Mark Company’s pricing index for new construction condos in the city ticked up 3.1 percent last month and is currently even with the same time last year but remains 9.5 percent below an August 2015 peak.
According to our calculations, the pace of contract signings for new construction condos in San Francisco is running 29 percent lower in 2016 versus the year before.
Per the MLS, November condo sales were up 25% over 2015, and house sales were up 7.6%. Median and average prices up for houses (about 5%) over last year with condos down about 8%.
Lots of ammo for anyone. A fair read is that the market for condos is lukewarm (not hot, not cold, maybe “just right”) and the market for houses is still pretty hot, although no longer boiling.
I have a question that maybe someone can answer. On the Mark Co.’s Trend Sheets, pricing and sales price per square foot is listed for nearly all large developments but “the Harrison” is simply listed as being available “from the 800,000’s”, and the average sales price/square ft is listed as “confidential” even though the same info identifies 53 closings. Shouldn’t this info be available from public records? I personally find the lack of information on such a high profile project annoying and would be dissuaded from buying if I were in the market. Why so “confidential”?
The pricing starts at $1,100 psf, and HOA range from $1,250 to $1,500…