More Slowdowns in Condo Sales in SF
We recently wrote on the summer seasonality slows in the San Francisco home market. And now the Mark Company Trend Sheet for June 2016 that just came out is affirming that new project condo sales are slowing—perhaps dramatically. While the Mark Trend Sheet could be somewhat incomplete (projects could be coming out of escrow rather than units going into contract which is how the sheet records sales) its showing that the 32 new construction condos that sold in June are down 66% year over year. There are now 1195 new project condos on the SF market, up 47% year over year. Based on that rate it looks like there are 37 months of new condo inventory on the market.
Comparing the February MCTS with the MCTS June sheet (see image below) its apparent that some slowdown is afoot. I have to emphasize “apparent” as all the info may not be here. For instance the Mark Company’s ultra luxury project 181 Fremont’s marketing commencement date was 2 months ago in May. But there’s no status on sales for 181 Fremont.
The Mark Company Trend Sheet is also available as a PDF here.