The Mark Company has released its June trend report for condo pricing, inventory, and sales in Downtown San Francisco.

The pricing trend shows a decrease of the average $1,069 per square-foot, down 16 percent year-over-year (YOY) and down eight percent month-over month (MOM.) New construction absorption shows an increase of 66 percent YOY with 53 units sold since last month, but that’s still down 27 percent MOM. New construction inventory, with 877 units available, is down 27 percent YOY and exhibits zero change MOM. 

The trend sheet notes the lack of new construction is affecting three new South of Market developments (Lumina, The Harrison, and One Mission Bay) while other neighborhoods are seeing low inventory, high demand, and price appreciation. Average condo prices, based on MLS year-to-date sales, have increased significantly in Russian Hill (up 27 percent), Duboce Triangle (20 percent), and Central Waterfront (18 percent).

For condo resales, the statistics are less complicated. Average price per square-foot in June was $1,108, up nine percent YOY and two percent MOM. The number of sales for the last 12 months sits at 274 units, up 18 percent YOY and 19 percent MOM.

Active listings have 298 units available with 113 contingent. Downtown condos list for, on average, 1.1 months (six months is considered “healthy”). Pending condo sales are at 200 units and make up 33 percent of the available inventory. As if there was any doubt, that confirms it is a seller’s market as anything higher than 25 percent says consumer demand is putting sellers in the driver’s seat.