August 2, 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 Price Index rose to $1,223 per square foot in June, up by 1 percent month over month and 4 percent year over year.
  • New-construction absorption increased to 117 units in June amid strong sales activity citywide. Inventory was essentially unchanged month over month, as The Avery, which has 118 units, began selling in June.
  • Resale activity totaled 195 transactions with the average price on resale units higher than $1.4 million. Active resale inventory decreased to 286 units, representing a 1.5-month supply, well below the six-month equilibrium point between a buyer’s and seller’s market.
  • A total of 532 new and existing units have sold in San Francisco over the past three months. Two-bedroom units have accounted for 43 percent of the sales in this period, while one-bedroom units represent another 39 percent. The average price per square foot of resale condominiums in June was $1,196, up by 2 percent month over month and a new record high since The Mark Company began tracking data in 2012.

 

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.
  • The Downtown Los Angeles Condominium Pricing Index has been virtually flat over the past five months, at $747 per square foot, down by 6 percent year over year after peaking last July at $818.
  • New construction inventory in Downtown Los Angeles continues to decline gradually, at 372 units, down by 9 percent year over year. The Metropolis project has 370 of the remaining units.
  • There were 40 resale transactions in June, registering an average sales price of $800,100. The average price per square foot on resales fell to $682, as lower-floor units comprised a larger share of the resale pool in June.
  • Active resale inventory was 120 units at the end of June, down from a 12-month high of 123 in May. Still, this reflects just a 3.0-month supply of inventory, well below the six-month equilibrium 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 fell to $707 per square foot in June after reaching a high-water mark of $721 last month. The index was up by 1 percent year over year.
  • New-construction inventory continued to trend downward, with 174 units on the market at the end of June. There were 125 units remaining at Savina and 49 left at Pacific Gate, which reported its first closings in March. Inventory will rise in July, when the 41West condos are expected to begin selling.
  • Sixty-six resale transactions closed in June, at an average of $649,664 or $636 per square foot. This per-foot price tag is the highest recorded since The Mark Company began tracking data in 2014.
  • Resale inventory increased to 293 units, which equates to a 4.4-month supply of inventory, below the six-month equilibrium between a buyer’s and seller’s market.

 

Download the full Downtown San Diego trend sheet.

Downtown Seattle

  •  The Downtown Seattle Condominium Pricing Index was at $1,127 per square foot in June, down from $1,140 in May, which had been the highest recorded since The Mark Company began tracking data in 2012. The index increased by 22 percent year over year.
  • With 44 units on the market, new-construction inventory is at its lowest point since the summer of 2013. Gridiron and Nexus each had 22 units available at the end of June, while Koda was fully reserved. In nearby Bellevue, the One88 project was more than 90 percent sold after three months.
  • Forty resale transactions closed in June, up from 33 in April, and the sold unit size jumped from 983 square feet to 1,294 square feet. As a result, the average price soared to $1,020,425, the highest since The Mark Company began tracking data in 2012, though the average price per square foot fell to $789.
  • After reaching a three-year high of 79 resale units on the market in May, Downtown Seattle had only 53 listings available at the end of June. This represents a 1.3-month supply of inventory.

 

Download the full Downtown Seattle trend sheet.