With new listings having outpaced sales over the past week, the net number of homes on the market in San Francisco has ticked up 3 percent to 1,240, representing the most active inventory on the market since the fourth quarter of last year, over 20 percent more inventory than there was at this time of time of the year in 2019, prior to the pandemic, and nearly 90 percent more homes on the market than there were in early October of 2015.
That being said, there are still 35 percent fewer homes on the market than there were are the same time last year. But the average asking price per square foot is down 3 percent, year-over-year, to around $1,015 per square foot, which is around 2 percent above the average price per square foot of the homes which are in contract.
As we noted last week, inventory levels should continue to tick up through October before dropping again in November, and through the end of the year, as unsold inventory is either withdrawn from the market or reduced, with the list price for 20 percent of the homes currently on the market having already been reduced at least once. We’ll keep you posted and plugged-in.