SAN FRANCISCO—Prices for both condominiums and penthouses in San Francisco rose 4% in October, according to a monthly Pricing Index trend report from the Mark Company. The condo price reached $1,170 per square foot, while penthouses came in at $2,009 per square foot.
The firm's report also showed that the city's market remains tight, with new construction inventory dropping 8% for the month. Year-to-year, however, inventory is up 406%. Looking at Resales, the report shows 4% year-over-year price growth since Oct. of 2013, but a 2% drop in October from September. The average price for October was $862 per square feet for resales.
The Mark Company says it Pricing Index is a tool for tracking the value of a new construction condominium without the volatility of inventory changes. The Pricing Index uses a proprietary quantitative method to model the price per square foot of a new 10th floor, 1,000 SF condominium. The Penthouse Pricing Index applies the same methodology to a new 30th floor, 2,000 square foot penthouse.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
