Pricing Index for New Condos in SF Slips, Sales Down 50 Percent

With sales offices for two new developments in San Francisco having opened their doors last month, the number of purchase contracts signed for new construction condos in the city increased from 39 in September to 55 October, versus having tripled, on average, from September to October over the previous three years, and were 50 percent lower versus on a year-over-year basis, according to sales data from The Mark Company.

And with an average of 14 percent more inventory from which to choose over the past year, the total volume of new contract signings over the past twelve months is running 6 percent higher versus the twelve months before.

At the same time, the Mark Company’s pricing index for new construction condos in San Francisco slipped another 0.9 percent in October and is running 5.5 percent lower on a year-over-year basis and 17.1 percent below its August 2015 peak, with a current inventory of around 840 new construction condos available to purchase, which is 23 percent lower versus the same time last year but 43 percent higher versus October 2015.