Highest Record for San Francisco Homes Under $1 Million
Earlier this month of October, local real estate news outlet, SocketSite, reported that the number of homes actively listed for sale in San Francisco have increased another 6.6% over the past month of September to 950. In addition, the inventory of houses for sale have increased to 30% higher on a year-over-year basis, and 41% above their mark at the same time in 2015.
San Francisco real estate market have hit a 7-year high. However, the number of homes that are pending in sales, or in contract, have fallen and is currently 13% lower that its mark the same time last year.
Another news is the price tag has decreased down to under a million dollars (about 330 listings so far), which is a record since the 4th quarter of year 2016, both in terms of Single-Family homes and condos. Data shows that the number of houses for under $1 Million dollars is 50% more than at the same time last year.
History says that inventory levels have likely peaked for the year and should start to decline though the end of December, while the percentage of listings with a price cut should also continue to increase.