Over the past couple of week sales and withdrawals from the market have outpaced new listings in San Francisco as the inventory of Active listed single family homes, condos, and TICs continued to decline (now 1,046 units). ‘Tis the season. At the same time, the percentage of “reduced” listed inventory has increased to 29.7%, and Active listed inventory is up ~25% as compared to mid-December 2005.
In addition to listed inventory, we calculate that there are ~300 unlisted condominiums on the market available for immediate occupancy, and well over 1,000 condominiums that will be delivered within the next eighteen (18) months and are actively being sold in sales centers throughout the city.
∙ San Francisco Housing Inventory Update: 11/20/06 [SocketSite]
∙ SocketSite’s Complete Inventory Index (Cii) [SocketSite]
Dare I make a prediction that inventory is back above 1,500 by spring of ’07? What would be interesting to see would be sales volumes plotted against inventory, as consistently declining volumes are usually a leading indicator of future pricing declines.