Number of Homes on the Market Ticks Up, List Prices Down

The net number of single-family homes and condos on the market in San Francisco ticked up 3 percent over the past week.

While still down around 20 percent on a year-over-year basis, driven by the impact of a jump in the cost of debt, back to historical norms, along an associated drop in values that sellers are either unable or unwilling to accept in order to move up, over or out, listed inventory levels in San Francisco are still 30 percent higher than average for this time of the year, 60 percent higher than prior to the pandemic and over twice as high as in July of 2015.

At the same time, with 33 percent of active listings having been reduced at least once, the average asking price per square foot of the homes which are on the market dropped 5 percent over the past week to around $970 per square foot, which is 4 percent higher than the average price per square foot of the homes which are in contract. We’ll keep you posted and plugged-in.