Having hit a 7-year high last week, the number of homes listed for sale in San Francisco has ticked up another 2.2 percent to 920 which is now 16 percent higher on a year-over-year basis and 34 percent above its mark at the same time in 2015 (the year which remains an inflection point for the current cycle).
At a more granular level, the number of single-family homes currently listed for sale in the city (350) is now running 33 percent higher versus the same time last year while the number of listed condominiums (570) is up 7 percent, not including the vast majority of new construction condos for sale across the city, the inventory of which has been hovering around 500.
In terms of pricing and expectations, 15 percent of the active listings in San Francisco have undergone at least one price reduction, which is roughly even with the same time last year, while 31 percent of the homes on the market are currently listed for under a million dollars (versus 32 percent at the same time last year).
Expect inventory levels to continue to climb through the end of September or mid-October. And once again, keep in mind that recorded home sales in San Francisco dropped to a seven-year seasonal low in July.