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December 15, 2017

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 5 percent from October to November and is now only 3 percent lower than November 2016, as the rebound from a weak second half of 2016 continues. The Index reflects strong fall market conditions and is the highest since March 2017, when the spring market momentum was high.
  • There were 61 new condominiums placed under contract in November, which is 91 percent more than the number closed or in contract in November 2016 and 7 percent higher than the number closed or in contract during October.
  • There are now 778 new-construction condominiums remaining for sale in San Francisco, down 26 percent on an annual basis and down 7 percent from October. 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 flat last month over October. The average resale price per square foot is now $1,057, which is 14 percent higher than in November of last year. Resale sales volume declined by 7 percent in the last month, as the typical seasonal slowdown in transaction volumes occurred. Sales volume is 14 percent higher year over year, indicative of the stronger 2017 market. Resale inventory decreased to a 1.0-month supply during November, the lowest it has been in all of 2017. Resale prices and inventory continue to improve over the last year, and foreshadow a strong first quarter of 2018.

 

Download the full San Francisco trend sheet

Los Angeles

  • The Downtown Los Angeles Condominium Pricing Index increased by 1 percent in November and remains 6 percent higher year over year.
  • There were only three reported new-construction condominium contracts in Downtown Los Angeles last month, reducing inventory to 379 homes. New construction inventory is now down 31 percent since November of 2016.
  • The average resale price per square foot decreased by 3 percent last month but is now 14 percent higher than the one year ago.
  • There are currently 110 active resale condominium listings in Downtown Los Angeles, representing a 4.2-month supply of inventory. Six months is considered the equilibrium between a buyer’s and a seller’s market.

 

Download the full San Los Angeles trend sheet

San Diego

  • The Downtown San Diego Condominium Pricing Index increased by 1 percent in November and is currently 13 percent higher year over year.
  • There are currently 256 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 in November but was 9 percent higher on an annual basis.
  • Active resale inventory in Downtown San Diego increased to a 3.6-month supply during November. Six months is considered the equilibrium between a buyer’s and a seller’s market. Resale closings slowed by 11 percent from October due to a seasonal slowdown.

 

Download the full San Diego trend sheet

Seattle

  • The rapid increase in the Downtown Seattle Condominium Pricing Index resumed its ascent last month after a pause in October, gaining 7 percent month over month.  The Index is now 28 percent higher than one year ago, as Seattle is one of the strongest markets in the U.S.
  • Twenty-seven new condominiums sold last month, as new releases at Nexus drove sales traffic. The only new condominium developments currently selling in Downtown Seattle are Gridiron (30 units remaining) and Nexus (33 units remaining). Neither development has commenced closings, although Gridiron is expected to begin in the first quarter of next year.
  • The average resale price per square foot increased by 7 percent in November and is now 19 percent higher year over year
  • Resale inventory remains extremely low in Downtown Seattle. There are currently 57 active condominium listings, representing a 2.3-month 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 eighth-largest residential real estate brokerage in the U.S. based on 2016 sales volume of $10.15 billion. Pacific Union merged with Los Angeles-based brokerages John Aaroe Group in December 2016 and Partners Trust in August 2017. This strategic business collaboration links four of the strongest residential real estate firms on the West Coast, supporting combined 2016 production of $12.6 billion by 1,400 real estate professionals in 47 offices throughout California. For more information, please visit www.themarkcompany.com.