While the number of purchase contracts signed for new condominiums in San Francisco slipped 4 percent from February to March, the sales volume in March (91) was more than twice the volume at the same time last year (39) but with a number of new sales offices having opened over the past couple of months.
While the inventory of new construction condos available to purchase has ticked down to around 1,000 at the end of March, the level remains 56 percent higher on a year-over-year basis, according to sales data from The Mark Company.
And overall, the volume of new contract signings over the past twelve months is running 25 percent lower than the twelve months before, despite an average 60 percent more inventory from which to choose.
At the same time, and with seasonality in play, the Mark Company’s pricing index for new construction condos in San Francisco jumped 9.5 percent from February to March but remains 2.5 percent lower on a year-over-year basis and 8.1 percent below its August 2015 peak.
Keep in mind that there are around 6,200 units of housing under construction across the city, which does include both for sale and rental projects, and the overall inventory of homes listed for sale in San Francisco proper is running at a five-year high.