As far as we can tell, last week marked the first time since the beginning of the year that new sales have outpaced new listings in San Francisco. At the same time, active listed housing inventory in San Francisco remains up ~50% since the beginning of the year, and up ~13% since the beginning of the month. In addition, the percentage of properties that have been re-priced (i.e., reduced) has ticked up slightly and now stands at around 23% (according to ZipRealty).
We attribute last week’s slowdown in new inventory to the upcoming holiday weekend rather than any fundamental change in the market. In addition, we believe that the current pipeline of condominiums and TICs will increase listed housing inventory by 10-15% over the next couple of months days.
And for those of you who are keeping track at home, it appears that we matched those “one-time occurrence” inventory levels of last September last week.
∙ SocketSite’s San Francisco Inventory Update: 6/1/06 [SocketSite]
∙ Inventory Update: 5/18/06 [SocketSite]