SAN FRANCISCO—Mark Company's San Francisco Condominium Pricing Index for January was $1,176 per square foot, which is up 13% from the previous year. New construction inventory was down 2% from last month, but 716% higher than a year ago due primarily to the addition of Lumina in the South Beach neighborhood. There are now a total of 759 new condominium units available in San Francisco. Prices were unchanged in January from December 2014.

“Low inventory levels continue to play a major role in the new condominium markets in Downtown Los Angeles, Downtown Seattle and San Francisco, contributing to upward price pressure in all three areas,” noted Erin Kennelly, senior director of research, The Mark Company.

The Condominium Pricing Index, part of the firm's monthly Trend Sheet 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.