New construction condo values have been steadily rising in San Francisco, even with a slight increase in inventory. The Mark Company Trend Sheet reports 93 new construction condos currently on the market (one more than the previous month), and resale inventory up to 1.3 months of inventory, with 204 active listings (up from 0.6 months of inventory with 134 active listings the previous month).
Despite this increase of condo inventory, value continues to drive upwards. The current price per square foot of new construction is $1,045, up from $1,034 in December and $1,011 in November. This price per square foot represents a value increase of 19% over the previous year. Resale condos are running $881/square foot, up from $868 in December and $816 in November, for a total value increase of 28% over the previous year.
· The Mark Company Trend Sheet January 2014 [The Mark Company]
· New Construction Costs Over $1,000 Per Square Foot in S.F. [Curbed SF]
· Value of New Condos Up 14 Percent From Last Year [Curbed SF]