The number of homes listed for sale in San Francisco has been ticking up since the beginning of the year and is currently within two (2) percent of the inventory at the same time last year. In fact, the number of condos currently listed for sale in San Francisco is now higher by one (1) percent, year-over-year.
At the same time, the number of listed homes that sold last month in San Francisco was roughly 9 percent lower, year-over-year.
And in terms of unlisted inventory, with 8 Octavia, The San Francisco Shipyard and a number of other new developments having recently started selling in San Francisco, the number of unsold condos is new developments around town is around 350, a little more than twice the number that were available at the same time last year but still low on a historical basis.
Comments from Plugged-In Readers
Good news for buyers. This complete craziness has to stop.
It depends at what price. If sellers today are expecting higher prices to be the norm and enough buyers give up and pay these prices, then what good is a slightly higher inventory?
Prices will significantly only when a market-changing event occurs. Something wider than SF, maybe international. Markets can crash under their own weight, but in the case of SF it will take more than an increase in inventory.
In any case, looking forward to a healthy correction. Insane market indeed.
Demand when possible, can create its own supply. And supply competes with itself to push down prices as more substitutes become available. The more supply that comes on, the more downward pricing pressure (not necessary falling prices though) will be evident.
Yes, and psychology is a big factor if the economics are stable. The 2012-2014 run up was as much about pure numbers and the fear to “miss out”, which became a self-fulfilling prophecy.
“The 2012-2014 run up was as much about ”
I wouldn’t speak about it in the past tense, just yet! I think 2012-2014 run up *is* as much about…probably is more accurate…
I think it has run its course, but that’s just my personal opinion
why do you feel that way? just gut instinct? because the sales data doesn’t really look that way.
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