July 19, 2017

Median Sales Price for San Francisco Condominiums Unchanged From One Year Earlier

Inventory is down more than 20 percent from the second quarter of 2016.

Second-quarter housing market activity in San Francisco was characterized by heightened buyer activity amid declining inventory conditions. These combined forces led to higher absorption rates, bringing the supply of homes for sale to a two-year low. Strong buyer activity also led to diminished days on market across all price ranges.

Price appreciation for new condominiums remained constrained in San Francisco neighborhoods where much construction has occurred, such as South of Market. Existing condominiums showed slow price growth, although they fared relatively better in the second quarter than in prior months.

Looking Forward: Although we expect third-quarter sales to reflect a mild seasonal lull, the Bay Area’s reliable and impressive core economic drivers should continue to fuel demand for San Francisco real estate. And despite mortgage interest rates that remain historically low, the possibility of increases may motivate some homebuyers who have been sitting on the fence.

Click here to read the full Q2 2017 San Francisco real estate report for condominiums.

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 brokerage John Aaroe Group in December 2016. This strategic business collaboration links three of the strongest residential real estate firms on the West Coast, supporting combined 2016 production of $10.1 billion by 1,161 real estate professionals in 38 offices throughout California. For more information, please visit www.themarkcompany.com.