March 30, 2018

The Latest West Coast Condominium Trends

Get a glimpse into new and resale condominium prices, sales, and inventory in San Francisco, Los Angeles, San Diego, and Seattle.

San Francisco

  • The San Francisco Condominium Pricing Index decreased by 8 percent last month from January 2018 but remains up 5 percent from one year ago. The January price index reached the highest level since March 2017 when it last peaked.
  • There were 45 new condominiums placed under contract last month, which is down by 44 percent from the number closed or in contract in January and down 53 percent from a year ago. While monthly sales of new condominiums vary widely, they have been trending lower, as fewer condominiums are available for sale.
  • There are only 606 new-construction condominiums remaining for sale in San Francisco, down by 44 percent year over year and down by 7 percent from January, continuing the trend of low inventory. Although there are 1,480 condominiums under construction, most are contained within large developments that will not be completed for at least two years. Inventory is expected to remain below 1,500 units for the next several years.
  • Resale condominium prices were down by 5 percent from January and down by 1 percent year over year. The average resale price per square foot is now $1,063. Resale sales volume declined by 48 percent in the last month due to lack of inventory, which remains low. February’s monthly supply of inventory was 1.8 — the lowest level recorded in the last two years and in line with the historically lowest levels in San Francisco.

Download the full San Francisco trend sheet.

Downtown Los Angeles

  • The Downtown Los Angeles Condominium Pricing Index decreased by 4 percent from January to February and is down 2 percent from one year ago.
  • Of the two currently selling developments in Downtown Los Angeles, there was only one reported new-construction condominium under contract last month, reducing inventory to 372 units. New-construction inventory is now down by 20 percent since February 2017.
  • The average resale price per square foot increased by 6 percent last month and was 13 percent higher than one year ago.
  • There are currently 88 active resale condominium listings in Downtown Los Angeles, representing 3.8 months of inventory. Six months is considered the equilibrium between a buyer’s and a seller’s market. Current inventory is considered to be in the low supply range.

Download the full Los Angeles trend sheet.

Downtown San Diego

  • The Downtown San Diego Condominium Pricing Index was flat month over month in February but was up by 12 percent year over year.
  • There are currently 229 new condominiums available in Downtown San Diego, all contained within Bosa’s two new towers: Savina and Pacific Gate. Pacific Gate’s first closings are expected in early 2018.
  • The average resale price per square foot was flat month over month in February but up by 12 percent on an annual basis.
  • Active resale inventory in Downtown San Diego increased to a 4.5-month supply during February. Six months is considered to be the equilibrium between a buyer’s and a seller’s market. Resale closings were up by 7 percent from January and up by 16 percent from last year.

Download the full San Diego trend sheet.

Downtown Seattle

The Downtown Seattle Condominium Pricing Index declined by 13 from January to February and was down 1 percent from February 2017. No new condominiums were reported as sold last month.

  • New-construction inventory remains low and two new developments, Koda and One88 in nearby Bellevue, are reporting strong presales.
  • The average resale price per square foot increased by 5 percent from January and was 27 percent higher year over year.
  • Resale inventory remains extremely low in Downtown Seattle. There are currently 76 active condominium listings, representing only 2.0 months of supply. Six months is considered the equilibrium between a buyer’s and a seller’s market.

Download the full Seattle trend sheet.


About The Mark Company

The Mark Company is one of the nation’s premier urban residential marketing and sales firms. Founded by Alan Mark in 1997, The Mark Company provides a full range of core consulting services including analytics, design, marketing and sales for urban high-rises and suburban attached properties throughout the Western United States. The firm is a trusted partner to global leaders in residential development and finance, providing buyer-driven sales and marketing strategies that produce industry-leading results. The Mark Company has represented more than 10,000 residences and generated over $5 billion in sales for some of the nation’s most notable and successful developments including The Infinity in San Francisco, Evo in Los Angeles and The Martin in Las Vegas. Current projects include 181 Fremont Residences and The Austin in San Francisco and Cavalleri in Malibu. The Mark Company is a subsidiary of San Francisco-based Pacific Union International, the fifth-largest residential real estate brokerage in the U.S. based on 2017 sales volume of $14.1 billion. Pacific Union merged with Los Angeles-based brokerages John Aaroe Group in December 2016, Partners Trust in August 2017, and Gibson International in December 2017.For more information, please visit www.themarkcompany.com.