Inventory of listed single-family homes, condos, and TICs in San Francisco increased 3% over the past two weeks to 1,577 active listings. Listed inventory levels have increased an average of 4% in San Francisco during the same two weeks over the past five years.
Current listed inventory is down 1% on a year-over-year basis, up 11% versus the average of the past five years, and up 37% as compared to an average of 2006 and 2007. The inventory of single-family homes for sale in San Francisco is up 2% on a year-over-year basis to 650 listings while listed condo inventory is down 9% to 927.
On the demand side of the equation, listed sales were up 8 percent in April driven by condos with 422 properties sold as the median sale price fell 8 percent year-over-year for single-family homes, flat for condos.
The percentage of active listings in San Francisco that have undergone at least one price reduction ticked up two points to 34% as the percentage of active listings that are either already bank owned (90) or seeking a short sale (179) ticked up one point to 17%, up 10% 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).
∙ San Francisco Listed Housing Inventory Update: May 2, 2011 [SocketSite]
∙ San Francisco Listed Sales Volume Up 8% In April On Condo Activity [SocketSite]
If inventory alone could be taken as an indicator of the market, and it can’t, then this chart IMO is a pretty decent indicator. Because 2011 looks like it sits just about halfway between 2009, which has been the lowpoint so far, and 2008, which was chugging along just fine up until September of that year. That anecdotally feels about right.
We’re about flat on active listings YOY, and pendings are down YOY, particularly for condos. So no reversal of the slowdown this season, it appears. New listings, however, are not as numerous as many (including me) expected. Bottom line: sales continue to be slow, and listings continue to be high, although not sky-high.
I see 1,442 listings on the MLS. What is your source? Or what are you counting that I’m not?