Pacific Penthouse
April 26, 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 increased by 4.5 percent in March from February to $1,168,000 but was down about 5 percent from a year ago, when it peaked at $1,232,000.
  • New-construction absorption reached its highest point since February 2016, matching that month’s 126 units placed into contract. March 2018 sale volume was up by 180 percent from the previous month and up by 38 percent from a year ago.
  • Following strong sales in March, there are now only 558 new-construction condominiums remaining for sale in San Francisco, down by 8 percent since February and 43 percent year over year. Inventory is expected to remain below 1,500 units for the next several years.
  • The average price for resale condominiums sold soared to $1,419,000 last month, the highest recorded mean in at least five years. The average price per square foot rose to $1,137,000 in March, up by 9 percent year over year to a new five-year peak. After 264 resales in the last month, supply dipped to 1.1 months of inventory, with only 282 units on the market, down by 45 percent from six months ago when inventory peaked at 509 units.

 

Download the full San Francisco trend sheet.

Downtown Los Angeles

  • The Downtown Los Angeles Condominium Pricing Index increased by 1 percent from February to March and was unchanged year over year.
  • New-construction inventory has declined steadily since peaking in February 2016 and was down by 17 percent since March 2017. There were 384 new-construction units on the market at the end of the month.
  • The average resale price per square foot rose to $771, its highest point since peaking at $791 in March 2016 and up by 20 percent year over year. The average price of resale units sold in March 2018 was $834,483 over 37 transactions, the highest volume since September 2017.
  • Following last month’s uptick in sales, supply declined to 2.5 months of inventory, the lowest reported since June 2015. Six months is considered the equilibrium between a buyer’s and a seller’s market, and current inventory levels indicate that Downtown Los Angeles is in the low supply range.

 

Download the full Downtown Los Angles trend sheet.

Downtown San Diego

  • The Downtown San Diego Condominium Pricing Index has been flat over the past six months and was up by 1 percent year over year in March.
  • There are currently 228 new condominiums available in Downtown San Diego, including 160 in Savina’s two towers and 68 at Pacific Gate, which recently saw its first closings. New-construction inventory was up by 111 percent year over year but unchanged from February. Supply has trended downward steadily since peaking at 311 units when Savina commenced marketing in June 2017.
  • The average resale price per square foot increased by 10 percent month over month, to $617, but was essentially equal to the $620 mean reported in March 2017. Sale volume rose to 81 transactions, up by 37 percent month over month and 35 percent year over year.
  • Active resale inventory decreased by one unit, from 266 to 265, but the increase in resales during March brought the months’ supply of inventory down to 3.3. Six months of inventory is considered the equilibrium point between a buyer’s and a seller’s market, placing Downtown San Diego solidly in the latter category.

 

Download the full Downtown San Diego trend sheet.

Downtown Seattle

 The Downtown Seattle Condominium Pricing Index recovered from a February dip, rising by 10 percent month over month and by 6 percent from March 2017. Three new-construction units were reported sold in the last 12 months.

  • New-construction inventory remains low, with 52 total units on the market in the actively selling Gridiron and Nexus projects. Two new developments, Koda in Downtown Seattle and One88 in nearby Bellevue, are reporting strong presales.
  • Forty-eight resale units were sold in March, the most in any month since October 2017. The average resale price per square foot decreased by 6 percent last month but was up by 16 percent year over year.
  • Resale inventory in Downtown Seattle remains extremely low, with only 63 active listings, representing a 1.3-month of inventory. Six months is considered the equilibrium between a buyer’s and a seller’s market, indicating that the Downtown Seattle condominium market currently heavily favors sellers.

 

Download the full Downtown 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.