Inventory of Active listed single-family homes, condos, and TICs in San Francisco fell 4.7% over the past two weeks (versus an average gain of 1.9% for the same two week period over the previous three years) and is now running 17.5% higher on a year-over-year basis (up 8.7% for single-family homes and 23.5% for condos/TICs) and 71.3% higher than at the same point in 2006.
Sixteen percent fewer listings on a year-over-year basis for the first two weeks of April are partially to blame for the dip, but an increase in sales activity in the sub-million dollar market over the past two weeks has reduced Active inventory as well. And this time it’s not simply seasonality as our counts suggest as much as a twenty percent year-over-year bump in potential contracts written in early April.
It is, however, way too soon to call it a turn or even simply a trend.
The standard SocketSite Listed Inventory footnote: Keep in mind that our listed inventory count does not include listings in any stage of contract (even those which are simply contingent) nor does it include listings for multi-family properties (unless the units are individually listed).
∙ SocketSite’s San Francisco Listed Housing Update: 3/30/09 [SocketSite]
∙ SocketSite Sees Seasonality (Versus Signs Of A Rebound) [SocketSite]