There are still deals to be found.
San Francisco has seen a rash of new condo projects in the last few years, with more than 2,500 new condos under construction in the city.
Huge demand for housing keeps pushing prices up, leaving few options for buyers in the lower price range.
The number of unsold new condos now sits at 743 units, a 12.8 percent decrease from last year, according to data from Polaris Pacific.
Additionally, the demand for housing has means that the months of remaining inventory – a measure of how long it would take to absorb current supply – is down to 3.2 months. Compare that to six months, which is considered a balanced market.
Median condo prices (including re-sales) surpassed $1 million in March 2015, according to Polaris Pacific. Prices haven’t dropped below that mark since then. That trend seems likely to continue. The median price of $1,129,500 represents a 4.6 percent increase from the year before.
There are still deals to be found, especially in emerging residential neighborhoods. Areas of new development like Hunters Point and Mid-Market have condos starting around $650,000, which is relatively affordable when compared to the average home on the market.