While the inventory of homes currently listed for sale in San Francisco (584) slipped 6 percent over the past week, with unsold homes being withdrawn from the MLS and typical seasonality in play, overall inventory is now 15 percent higher versus the same time last year.
At a more granular level, the number of listed single-family homes on the market (217) is now running 4 percent higher versus the same time last year while the number of listed condos (367), which doesn’t include the vast majority of new construction units on the market, dropped 9 percent in the absolute but is now 22 percent higher, year-over-year.
If typical seasonality holds, unsold listings for which there’s no urgency to sell will continue to be withdrawn from the market through the end of the year, driving the percentage of listings with a reduced price higher through December.
The percentage of homes on the market in San Francisco with at least one price cut ticked up from 19 to 21 percent over the past week versus 17 percent at the same time last year.