Inventory of listed single-family homes, condos, and TICs in San Francisco fell 14.1% over the past two weeks to 1,408 active listings. On average, inventory has fallen 14.2% during the same two weeks over the past four years as end of year listing activity slows to a crawl and unsold listings are withdrawn from the MLS.
Current listed inventory remains up 25% on a year-over-year basis, up 20% versus the average of the past four years, and up 41% as compared to an average of 2006 and 2007 while listed sales this past November (325) were off by 17% year-over-year.
The inventory of single-family homes for sale in San Francisco is up 41% on a year-over-year basis at 577 while listed condo inventory is up 15% at 831.
Almost half (46%) of all active listings in San Francisco have undergone at least one price reduction while the percentage of active listings that are either already bank owned (100) or seeking a short sale (185) has ticked up to 20%, down 7% on an absolute basis over the past two weeks.
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 Listed San Francisco Inventory Report: 11/29/10 [SocketSite]
∙ Will Pent-Up Demand Outstrip Pent-Up Supply? [SocketSite]