Condo Demand Drives Pricing to New Record

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

Erin Kennelly, director of research, The Mark Company, tells GlobeSt.com: “Appreciation is usually lackluster in August, but this year a strong local economy has combined with limited new condominium options to drive prices to new highs. Although there were 11 different developments selling new condominiums in San Francisco last month, five of those developments only have a handful of units remaining, and two of them are outside of the urban core and may not appeal to buyers looking for a centrally located urban home.”