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May 18, 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 1 percent from March to April to $1,175 per square foot and is up by about 1 percent year over year.
  • New-construction absorption totaled 61 units in April, down from 126 units in March but up from 35 units in April 2017. The inventory of new-construction units continues to trend downward, falling to 497 units, the lowest since July 2014.
  • Resale activity remained strong in April, at 258 units, down from 264 in March but up from 210 in April 2017. The average price per square foot on resale condominiums was $1,095, which is up by 5 percent year over year. The average size of resales continues to hover between 1,200 square feet and 1,250 square feet.
  • The volume of active resale listings jumped to 389, up from 282 in April to the highest level recorded since October 2017.


Download the full San Francisco trend sheet.

Downtown Los Angeles

  • The Downtown Los Angeles Condominium Pricing Index was essentially unchanged month over month and year over year at $749 per square foot. The Penthouse Pricing Index also held steady at $1,214 per square foot.
  • New construction inventory in Downtown Los Angeles has declined steadily since peaking in February 2016 to 386 new units available.
  • Resale volume in April totaled 42 units, up from 37 in March and 39 in April 2017. The average price of resales also soared to $927,002, with two-bedroom and three-bedroom units accounting for a larger share of the homes sold.
  • At 145 units on the market in Downtown Los Angeles, resale inventory is at its highest point since June 2017. Supply increased to 3.5 months of inventory, though this is still well below the six-month equilibrium point between a buyer’s and seller’s market.


Download the full Downtown Los Angeles Trend Sheet.

Downtown San Diego

  • The Downtown San Diego Condominium Pricing Index hovered around $710 per square foot over the past seven months, while the Penthouse Pricing Index has leveled off at $1,010 per square foot. Both are up by approximately 1 percent year over year.
  • At 206 units, new-construction inventory was at the lowest point in April in nearly a year before Savina began selling. There were 50 units remaining at Pacific Gate and 156 left at Savina at the end of April. Pacific Gate saw its first closings in March.
  • There were 85 resale transactions closed in April, at an average of $606 per square foot. The average size of resale units sold ticked up to 1,061 square feet, while the average sale price was virtually unchanged at $643,000.
  • Resale inventory rose to 302 units on the market, the most available in Downtown San Diego since August 2015. This translates to 3.6 months of inventory, which indicates a seller’s market when compared with the equilibrium of six months. The 85 resale units sold in April were the most since June of 2016, so the increase in supply has resulted in a corresponding rise in sale activity.


Download the full Downtown San Diego Trend Sheet.

Downtown Seattle

  • The Downtown Seattle Condominium Pricing Index soared to $1,115 per square foot in April, a 10 percent increase month over month and a 13 percent hike year over year. It is now at the highest level since The Mark Company began tracking such data in 2012.
  • Eighteen new-construction units were absorbed in April, leaving 22 units available each at Gridiron and Nexus, for a total inventory of 44. Koda, which has 203 units, was fully reserved and taking backup reservations in April. New-construction inventory in Seattle is at its lowest point since August 2013. In nearby Bellevue, the One88 project placed more than 70 percent of its units into contract within three months.
  • Resale volume in April amounted to 26 units, down from 48 in March. The average price per square foot on resales jumped to $939, a new cycle high, rising by 7 percent from last month and by 38 percent year over year.
  • Resale inventory in Downtown Seattle is low, with 75 units on the market, representing a 2.9-month supply of inventory, which suggests a robust seller’s market.


Download the full Downtown Seattle Trend Sheet.