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Home Finance Report: Sales Prices Show Signs of Improvement in West Coast Condo
Markets
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 * Industry News
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 * Residential


REPORT: SALES PRICES SHOW SIGNS OF IMPROVEMENT IN WEST COAST CONDO MARKETS

August 23, 2021
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Courtesy of Henning Witzel


By Catherine Sweeney 

After a difficult year amid the COVID-19 pandemic, condominium prices across the
West Coast are starting to see some signs of improvement, recent reports from
Polaris Pacific showed. According to the July condominium market reports, sales
are up across the West Coast, with San Francisco taking the lead with a $1.22
million median sales price. 

According to Polaris Pacific, median sales prices across San Francisco have
remained high since 2015, when the region first surpassed a median sales price
of  $1 million. While the current median sales price of $1.22 million is up
just  2.2 percent from the previous year, the report showed resale volumes in
San Francisco were nearly triple what they were at this time last year.
According to the report, a total of 1,086 resales were reported, marking a 182.8
percent increase from the prior year. 

“Nonetheless, rising prices combined with strong sales volumes is a great sign
for the San Francisco condo market. The market’s strength is further highlighted
by the months of remaining inventory figure, which has been pulled down to
pre-pandemic levels and now sits at 1.7 months, a substantial drop from June
2020, when it was 4.1 months,” the report states. 

In total, Polaris Pacific reported 303 condo closings in San Francisco as of
July. In addition, four condominium buildings totaling 231 residences completely
sold out this year. These include the 99 Rausch by Belrich Partners, Pacific
Eagle Holdings’ The Austin, JS Sullivan’s Maison Au Pont and 540 De Haro Street
by Aralon Properties.

Just behind San Francisco, Polaris Pacific reported a median sales price of
$800,000 in Los Angeles, a 2.6 percent increase over the past year. The market,
however, reported a higher number of condo closings. In total, 550 condos closed
in Los Angeles as of the end of July, accounting for an annual 37.8 percent
increase since. 

In 2021, several Los Angeles condominium buildings have sold out completely
encompassing a total 125 residences. According to Polaris Pacific, these include
Toledo Homes’ Nor Windsor; Elysian Peak and Genre Noho Burbank, both by DB
Builder, Inc.; Skye 22 by Warmington Residential; and Gramercy Pointe, which was
developed by Min Lae. 

Seattle lagged just behind the two larger markets with a $665,000 median
condominium sales price. However, the market reported the largest annual
increase at 7.3 percent. According to the report, this could be due to a lack of
inventory. 

In total, 382 condos closed in Seattle during 2021, marking a 17.82 percent
increase over the past year. Of these sales, sold out condominium buildings
include McGraw Square, a 57-unit building developed by Toll Brothers, and the
Edison, a 51-unit condominium building by Hardy Development. 

“Although sales in the downtown core are below pre-pandemic levels, sales
volumes are more than double those of the same period last year in neighboring
districts like Central Seattle and Capitol Hill. Overall, sales of existing
condominiums increased by 75.2 percent from this time last year, and months of
remaining inventory continued to decrease, with the latest figure at 1.9
months,” the report stated. 

While reporting positive growth in price across all West Coast markets, Polaris
Pacific also noted the markets are well on their way to bounce back as the
amount of days properties are on the market also has decreased. According to the
report, the three cities are all reporting an average of less than 60 days on
the market for condominiums. 

In San Francisco, Polaris Pacific reported an average 38 days on the market over
the past three months. Likewise, in Seattle and Los Angeles, this number was 29
and 39 days, respectively. 

“The average days on market figure is calculated as the amount of time between
the date a home is listed for sale and the date it goes into escrow. The 60-day
benchmark signifies a balanced market,” the report states. 

Polaris Pacific did not respond in time to comment on this story. 

CalSTRS Allocates $1.3B for New Real Estate Opportunities Across West Coast
Markets

Blackstone Group Expected to Purchase 66 Residential Complexes in San Diego for
$1B

Report: Record Transactions Show Strong Belief in Future of California’s Hotel
Industry


 * TAGS
 * 540 De Haro Street
 * 99 Rausch
 * Aralon Properties
 * Belrich Partners
 * DB Builder
 * Edison
 * Elysian Peak
 * Genre Noho Burbank
 * Gramercy Pointe
 * Hardy Development
 * JS Sullivan
 * Los Angeles
 * Maison Au Pont
 * McGraw Square
 * Nor Windsor
 * Pacific Eagle Holdings
 * Polaris Pacific
 * San Francisco
 * Seattle
 * Skye 22
 * The Austin
 * Toledo Homes
 * Toll Brothers
 * Warmington Residential

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