Following a trend which shouldn’t catch any plugged-in readers by surprise, the number of homes on the market in San Francisco, net of new sales and contract signings, has jumped another 10 percent over the past week to 1,290, which is 98 percent more inventory on the market as there was at the same last year a new 9-year high.
At a more granular level, the number of single-family homes currently listed for sale in San Francisco (360) is now running 55 percent higher than at the same time last year while the number of condos (930), which tends to be a leading indicator for the market as a whole, is up by over 120 percent.
At the same time, the percentage of homes on the market in San Francisco which have undergone at least one official price cut has ticked up to 23 percent. And as such, there are now 130 percent more reduced listings on the MLS than there were at the same time last year, and five times (5x) the number of reduced listings than there were in July of 2015, for the most reduced listings, in the absolute, since the fourth quarter of 2011, as we noted last week.
And with nearly 30 percent of the homes on the market in San Francisco having been listed for under a million dollars, there are now 80 percent more sub-million dollar listings on the MLS than there were at the same time last year and the most, in the absolute, since the fourth quarter of 2016.
All that being said, if typical seasonality patterns hold, inventory levels should start ticking down over the next month, at least in the absolute, before jumping again in September.