Low Inventory Drives Huge Price Increases for West Coast Condos

Capitol Hill ApartmentsThe value of new construction condominiums is up in downtown Los Angeles, San Francisco and downtown Seattle, according to The Mark Company Trend Sheets.

The Mark Company reported the value of new construction condominiums in downtown Los Angeles inched up 1 percent in February, and was 26 percent higher than a year earlier. In San Francisco, the value of newly built condos rose 4 percent over the previous month, and climbed 19 percent vis-a-vis February 2014. And in downtown Seattle, the value of new construction condos was up 6 percent over the previous month and was 13 percent higher year over year.

“Low inventory levels continue to play a major role in San Francisco, Downtown Los Angeles and Downtown Seattle, pushing prices upward as we move into the traditionally busy spring months,” The Mark Company president and founding partner Alan P. Mark told MHN.

In San Francisco, despite the influx of more than 1,600 units in 2014, there remain only 708 units available in the currently selling inventory for new construction condominiums.

In Downtown Seattle, only 118 new condominiums remain for sale, with 105 of them available at Insignia. In Downtown Los Angeles, just 311 new condominiums remain, with 310 of them also within one project that is already called 90 percent reserved.

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Authored By Jeffrey Steele – See the Full Story at Multi Housing News

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