The San Francisco Condominium Pricing Index decreased by 8 percent last month from January 2018 but remains up 5 percent from one year ago. The January price index reached the highest level since March 2017 when it last peaked.
There were 45 new condominiums placed under contract last month, which is down by 44 percent from the number closed or in contract in January and down 53 percent from a year ago. While monthly sales of new condominiums vary widely, they have been trending lower, as fewer condominiums are available for sale.
There are only 606 new-construction condominiums remaining for sale in San Francisco, down by 44 percent year over year and down by 7 percent from January, continuing the trend of low inventory. Although there are 1,480 condominiums under construction, most are contained within large developments that will not be completed for at least two years. Inventory is expected to remain below 1,500 units for the next several years.
Resale condominium prices were down by 5 percent from January and down by 1 percent year over year. The average resale price per square foot is now $1,063. Resale sales volume declined by 48 percent in the last month due to lack of inventory, which remains low. February’s monthly supply of inventory was 1.8 — the lowest level recorded in the last two years and in line with the historically lowest levels in San Francisco.
