Month after month, the median price of a newly built condo in San Francisco has climbed. That endless upward slog has finally ended—at least for July. The Mark Company's latest trend sheet shows pricing of new construction at $1,109 per square foot, down 3 percent from June, although still up 9 percent year over year. The dip corresponded with a surge of new market inventory: There are 18 percent more units available than at this time last year and 8 percent more than last month. Not surprisingly, that inventory is selling rapidly. Only 3 of 39 units are left at 1645 Pacific; 2 of 45 remain at Fifteen Fifteen; and 5 of 39 are available at Millwheel North. Arden is more than three-quarters sold, while Vida is 40 percent sold. And even with more new homes at developments like Summit 800 and Amero getting ready to to hit the market, inventory is very, very low. There is only a 1.2-month supply of resale condos on the market, putting even more pressure on the new developments. So don't expect the July dip to turn into a downhill slide for prices anytime soon.
· July Trend Sheet (PDF) [The Mark Company]
· New Summit 800 Townhouses Will All Cost a Solid 7 Figures
· Cow Hollow's Amero Debuts Renderings, Floor Plans [Curbed SF]