The percentage of homes on the market in San Francisco which have undergone at least one official price reduction is currently running around 21 percent, which is six (6) percentage points, or roughly 39 percent, higher than at the same time last year.

And with inventory levels up 60 percent on a year-over-year basis, there are now over twice as many reduced listings on the MLS in the absolute than there were at the same time last year.

Comments from Plugged-In Readers

  1. Posted by Tony Timpa

    How big are the price reductions?

    What do the reductions have in common (neighborhood/listing brokers/condition)?

    Are we talking 5%? 10%? 15%?

    How much time passes on average before a price reduction?

  2. Posted by Westside Dog

    So in the Western part of the city, are the homes now priced at what they actually will sell for? If it says, 1.1M or 1.3M – is that the price? Or do I still need to make an offer that’s 20% over asking to even have a chance

    • Posted by Ohlone Californio

      It depends upon the individual property of course but since Covid SIP, for the Avenues, the low 1Ms price range has been quite competitive. Most things are seeing overbids.. The cw is that this is the price range in which condo and flat dwellers to move toward laterally, as they think about exterior space and family.

      • Posted by SocketSite

        And on a price per square foot basis, the average sale price in the western neighborhoods is actually down a few percent over the past quarter/year despite the “overbidding” trends (which speak to pricing more than values and demand).

        • Posted by Ohlone Californio

          I don’t see a dip in sales price per foot year over year for the Avenues 1.4M and under. I see about 2% more this year than last in $psqft terms. ~956/ft up to ~971.A specific range, a 1.1M and 1.3 question list price question, was what the poster Westside Dog asked. But yes, if you include all prices then so far it’s down a bit, ~$980/ft down to ~$973.

          • Posted by SocketSite

            We’re not sure how you’re bounding “the Avenues,” but your price per square foot numbers look a few percentage points high for the western neighborhoods (excluding areas like Sea Cliff and Lake Street). Keep in mind we’re comparing second quarter plus a week (i.e., “since Covid SIP”) sales versus the prior quarter and the second quarter (plus a week) versus the prior four.

          • Posted by Ohlone Californio

            I just took districts 1-2 and did YoY, ytd, and sub 1.4M. Seems like that was the question asked. You frequently parse things right out of meaning. Not sure why that is. But I wonder if you’d have answered Westside Dog’s query in the first place had I not chimed in. If the answer to that is an honest “no,” then that too is curious.

          • Posted by SocketSite

            We parse for accuracy. For example, when representing the state of the market “since Covid SIP,” it’s helpful to actually parse the data “since Covid SIP.” And when representing the state of the market in the colloquial Western neighborhoods, it’s helpful to parse out areas like Sea Cliff, Lake Street and Jordan Park (which probably shouldn’t be lumped in with a general analysis of “the Avenues”).

          • Posted by Ohlone Californio

            Well, Sea Cliff, Lake St, and Jordan Park are already out of the equation if it’s sub 1.4M. Not even a decrepit fixer would show up. I guess I follow the “Since Covid 19” aspect as far as not including ytd + yoy. But on the other hand, the cw on this website among many routine posters was that prices were already falling steeply in January and February of 2020. Therefore including YoY bakes that in, as well as the SIP market.

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