While the number of purchase contracts signed for new condominiums in San Francisco ticked up from 32 in November to 55 last month, which was double the number signed in December 2015, the number of contracts signed in 2016 totaled 702 which was a quarter fewer than the 940 signed the year before.

At the same time, the inventory of available units to purchase was an average of 45 percent higher on a year-over-year basis over the past twelve months and currently totals 1,000, which is 76 percent higher versus the same time last year, according to sales data from The Mark Company.

And having slipped 2.8 percent in December, the Mark Company’s pricing index for new construction condos in San Francisco is currently running 2.2 percent lower on a year-over-year basis and has dropped 12.0 percent from its August 2015 peak.