SAN FRANCISCO—New condominium prices remained mostly steady in San Francisco, Downtown Los Angeles and Downtown Seattle in September compared over the previous month. This according to the Condominium Pricing Index released recently by The Mark Company, a leading urban residential marketing and sales firm.

The Mark Company Condominium Pricing Index for September was up 1% month over month in San Francisco, unchanged in Downtown Los Angeles from the previous month, and up 2% in Downtown Seattle from August 2014.

 “While prices remained mostly steady in September 2014, the Condominium Pricing Index did show a significant increase in San Francisco and Downtown Los Angeles over the previous year,” noted Erin Kennelly, senior director of research, The Mark Company.  “New construction inventory was also up sharply in both markets due to the addition of new projects—Lumina in the Transbay area of San Francisco, and Metropolis in downtown Los Angeles.  However, inventory remains historically low, and we anticipate absorption will continue at a steady pace.”

The San Francisco Condominium Pricing Index for September was $1,128 per square foot, which is up 12% from the previous year.  New construction inventory was 158% higher than last month, and up 169% year over year, with approximately 995 units now available.

The Downtown Los Angeles Condominium Pricing Index was $692 per square foot, which is up 14% from the previous year.  New construction inventory increased from 2 units to 310 units with the addition of 308 units at Metropolis, a new development under construction near the Staples Center.

 The September Downtown Seattle Condominium Pricing Index was $716 per square foot, up 3% from the previous year.  New construction inventory was down 8% from last month, and 54% lower than September 2013, with approximately 181 units now available.

 The Condominium Pricing Index, part of the firm's monthly Trend Sheet (available at www.themarkcompany.com), represents the price per square foot of a new 10th floor, 1,000-square-foot condominium.  It is based on recent sales data, and uses a proprietary quantitative method to measure trends in market demand.  It tracks the value of a new construction condominium without the volatility of inventory changes.

 The Mark Company Penthouse Pricing Index, which applies the same methodology to a new 30th floor, 2,000-square-foot condominium (1,000 square feet in Downtown Los Angeles), was $1,937 per square foot in San Francisco in September, up 1% from the previous month and up 12% year over year; $1,120 per square foot in downtown Los Angeles, unchanged month over month and 14% higher than a year ago; and $1,107 per square foot in Downtown Seattle, up 2% month over month and 3% higher than a year ago.