SAN FRANCISCO—San Francisco condominium prices increased sharplyin August, marking a 4% jump from the previous month, according toThe Mark Company. The pricing stands at a record$1,340 per square foot, representing an increase of 20% comparedwith the same month last year.

Erin Kennelly, director of research, The MarkCompany, tells GlobeSt.com: “Appreciation is usually lackluster inAugust, but this year a strong local economy has combined withlimited new condominium options to drive prices to new highs.Although there were 11 different developments selling newcondominiums in San Francisco last month, five of thosedevelopments only have a handful of units remaining, and two ofthem are outside of the urban core and may not appeal to buyerslooking for a centrally located urban home."

There are now approximately 701 new condominiums for sale in SanFrancisco, representing a decrease of 8% compared to the previousmonth, but an increase of 82% compared to one year ago. Inventorylevels remain much lower than the previous peak of nearly 3,000units available in 2007.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.