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Photo: MLS Image 1 of / 44 Caption Close Image 2 of 44 Open entertaining space Open entertaining space Photo: MLS Image 3 of 44 Kitchen Kitchen Photo: MLS Image 4 of 44 Dining area Dining area Photo: MLS Image 5 of 44 Image 6 of 44 Dining area Dining area Photo: MLS Image 7 of 44 Living room Living room Photo: MLS Image 8 of 44 Family room with wet bar Family room with wet bar Photo: MLS Image 9 of 44 Master bedroom Master bedroom Photo: MLS Image 10 of 44 Image 11 of 44 Master bedroom sitting area Master bedroom sitting area Photo: MLS Image 12 of 44 Second bedroom Second bedroom Photo: MLS Image 13 of 44 Third bedroom Third bedroom Photo: MLS Image 14 of 44 One of three full baths One of three full baths Photo: MLS Image 15 of 44 Image 16 of 44 One of three full baths One of three full baths Photo: MLS Image 17 of 44 Views from the balcony Views from the balcony Photo: MLS Image 18 of 44 Views from the balcony Views from the balcony Photo: MLS Image 19 of 44 Views from the balcony Views from the balcony Photo: MLS Image 20 of 44 Image 21 of 44 Floor plan Floor plan Photo: MLS Image 22 of 44 Lobby Lobby Photo: MLS Image 23 of 44 Lobby Lobby Photo: MLS Image 24 of 44 Pool Pool Photo: MLS Image 25 of 44 Image 26 of 44 Gym Gym Photo: MLS Image 27 of 44 Sauna Sauna Photo: MLS Image 28 of 44 Rock wall Rock wall Photo: MLS Image 29 of 44 Private dining room Private dining room Photo: MLS Image 30 of 44 Image 31 of 44 Private dining room Private dining room Photo: MLS Image 32 of 44 Club lounge Club lounge Photo: MLS Image 33 of 44 Club lounge Club lounge Photo: MLS Image 34 of 44 Game space Game space Photo: MLS Image 35 of 44 Image 36 of 44 Screening room Screening room Photo: MLS Image 37 of 44 Play room Play room Photo: MLS Image 38 of 44 Roof top Roof top Photo: MLS Image 39 of 44 Onsite supermarket Onsite supermarket Photo: MLS Image 40 of 44 Image 41 of 44 Interior courtyard Interior courtyard Photo: MLS Image 42 of 44 Lobby Lobby Photo: MLS Image 43 of 44 Exterior Exterior Photo: MLS Image 44 of 44 New construction condos are priced eight percent lower than one year ago 1 / 44 Back to Gallery

Are we past the pricing peak for new construction condos in San Francisco? It looks that way, according to new data from the Mark Company that shows new condos entering the market last month were priced eight percent lower than new condos coming to market one year ago.

“The decrease is due to fierce competition for buyers, especially among high-rise developments with top-tier finishes and amenities,” according to a statement from the real estate sales and marketing firm.

New condo absorption was also down 40 percent from one year ago. The inventory of 1,200 new construction condos available last month (including the $8.895-million Lumina penthouse shown above) was 83 percent higher than it was one year ago.

The sales picture was slightly better when resales were taken into account. Prices for resales were up three percent year over year, and were up one percent between August and September 2016. The number of resale condos sold in the last year was 186, which is up 13 percent year over year, though there was a 15 percent drop in resales between August and September.

There is now 2.6 months of condo inventory on the S.F. market, which is still low (six months is considered an equilibrium between buyers and sellers) but considerably higher than we have seen in the past few years. In fact, it is the biggest backlog of condos since at least 2013, according to The Mark Company data, and is higher than other West Coast cities.

Seattle, for example, has 2.3 months of condo inventory and downtown San Diego has only 2.1 months of condo inventory. In downtown Los Angeles, on the other hand, where the new condo inventory is up 358 percent year over year, there is 4.4 months of inventory.

Emily Landes is a writer and editor who is obsessed with all things real estate.