The inventory of homes currently listed for sale in San Francisco (624), which doesn’t include the non-listing for the $28 million home on Vallejo, has dropped 11 percent over the past two weeks based on normal seasonality but remains 12 percent higher versus the same time last year.
At a more granular level, the number of listed single-family homes on the market (221) is even with the same last year while the number of listed condos (403), which doesn’t include the vast majority of new construction units on the market, unexpectedly ticked-up over the past week and is currently running 20 percent higher, year-over-year.
Last week was the first week in over a decade that inventory levels for re-sale condos ticked-up at the beginning of November.
The percentage of homes on the market in San Francisco with at least one price cut is currently 19 percent, which is in-line with the same time last year. And if typical seasonality holds, unsold listings for which there’s no urgency to sell will continue to be withdrawn from the market through the end of the year, driving the percentage of listings with a reduced price higher through December.