Condo construction projects remain stalled 

The number of condos being built in San Francisco has fallen to a seven-year low. A worldwide shortage of credit has largely prevented any condo construction projects from breaking ground since late 2008.

In the first quarter of this year, 212 condos were being built, real estate research firm The Mark Co. reported.

That marked the lowest number of units under construction since before 2004, the report says.

Despite the slowdown in construction activity, condo sales have continued.

Roughly 800 new condos were available for sale in the first quarter of this year – a 43 percent one-year decline.

Those condos are expected by analysts to sell out this year.

“Inventory levels are now similar to the first quarter of 2006,” the Mark Co. report states. “However, in 2006 there were more than 4,000 additional units under construction, as compared to only 212 today.”

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