Following a trend which shouldn’t have caught any plugged-in readers by surprise, as its basis was in place prior to the pandemic having hit, the number of homes on the market in San Francisco, net of all sales, both pending and closed, has just ticked over 2,000 for the first time in over two decades.
In fact, listed inventory levels in San Francisco are now 94 percent higher than at the same time last year (versus nearly 20 percent lower nationwide), over 200 percent higher than they were in October of 2015, and around 20 percent higher, on average, than during the Great Recession, with the number of condos on the market (1,500) now up 120 percent on a year-over-year basis and single-family home inventory (510) up 42 percent to a 9-year high (and climbing).
At the same time, with 33 percent of the homes on the market in San Francisco having been reduced at least once, which is 10 percentage points higher than at the same time last year, the number of reduced listings has jumped over 40 percent since early September to a 10-year high in the absolute, which has driven the average list price per square foot down.
All that being said, keep in mind that listed inventory levels typically peak in October, at which point new listing activity typically slows and unsold homes are more likely to be withdrawn from the market (and then re-listed anew in the spring).
We’ll keep you posted and plugged-in.