Inventory of For Sale Homes in San Francisco Increases
Per SocketSite, the number of homes listed for sale in San Francisco went up another 6.6% over the past two weeks to 950 – which is 29% higher on a year-over-year basis and 41% above its mark at the same time in 2015.
The number of single-family homes currently listed for sale in the city (360) is now running 46% higher versus the same time last year while the number of listed condominiums (600) is 20% higher, year-over-year, not including the vast majority of new construction condos for sale across the city.
In terms of pricing and expectations, 17% of the active listings in San Francisco have undergone at least one price reduction versus 15% at the same time last year, while 33% of the homes on the market are now listed for under a million dollars versus 31% last week and 32% at the same time last year.
While inventory levels could continue to climb through the middle of October, they appear to nearing a seasonal peak. But with recorded home sales in San Francisco running 5.9% lower on a year-over-year basis in August having dropped to a seven-year seasonal low in July, there is room for some atypical movements in inventory levels over the next few weeks.
For the most up-to-date and comprehensive analysis of San Francisco home prices, values, conditions and trends of the San Francisco Bay Area residential real estate market, check out Compass Real Estate’s Bay Area Market Reports here: