Despite the inventory being down -27% on year-over-year basis, the newly released Mark Company condominium pricing index* for June 2017 showed that new condo prices dropped 16% compared to June 2016 and are now equal to $1,069 per square foot.
The report notes that the weakness in the new construction market is mostly confined to a trio of new large developments South of Market: Lumina, The Harrison, and One Mission Bay. Other neighborhoods are still seeing strong demand, low supply, and continued appreciation.
For more details, please download the enclosed copy of the report. Please contact me should you have any questions regarding local real estate market.
*The Mark Company Condominium Pricing Index uses a proprietary quantitative method to model the price per square foot of a new 10th floor, 1,000 SF condominium.
With best wishes,
Associate Broker, Pricing Strategy Advisor (PSA®)
CalBRE No: 01445813
c: +1 (415) 601-0926
Disclaimer: Information provided herein was derived from public sources deemed reliable, it is intended for information purposes only, may contain errors and is subject to revision.