New Condo Sales and Pricing Tick Up in SF as Inventory DropsFebruary 15, 2018
Boosted by the official opening of the sales office for the new Mission District development at 1188 Valencia Street (a.k.a. 1198 Valencia), the number of purchase contracts signed for new construction condos in San Francisco totaled 80 in January versus 18 in January of 2017, according to sales office data collected by The Mark Company.
At the same time, the inventory of new construction condos available to purchase in the city has dropped to 651, which is now 34 percent lower versus the same time last year.
And having ticked up 2.1 percent at the end of last year, the Mark Company’s pricing index for new construction condos in San Francisco ticked up another 1.9 percent in January and is now running 5.7 percent higher versus the same time last year but remains 9.0 percent below its peak in August of 2015.
Comments from Plugged-In Readers
I though condo prices are falling…guess all is good in the hood!
Here’s an apple for you: 566 so van ness #1. 2/2 condo in the 2007 citrine bldg. sold May 2015 $950k. Resold February 2018 $985k.
As I’ve said before, it’s mostly the $1200-1400 PSF brand new stuff that’s taken a hit. A lot of non hyped properties have done ok. And given that a lot of them were purchased earlier as in 2005-2014, many of those owners have seen significant appreciation. Meaning, most buyers in the mission have done very well. The ones who bought high end retail after 2015 are most susceptible to a loss if they need to sell now. And those who did buy post 2015 will probably not sell now, so 5-10 years from now they will also gain nice equity.
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