While the inventory of listed condos for sale in San Francisco only ticked up one percent over the past week, with new listings outnumbering new sales by just a few, the number of condos listed for sale on the MLS is now 57 percent higher versus the same time last year (which doesn’t include the vast majority of new construction units available for sale across the city).

And over the past week, the number of listings for condos in San Francisco for which the asking price has been reduced jumped from 14 to 20 percent, which is the highest percentage for this time of the year since 2013 and versus 8 percent at the end of April 2015.

Including single-family homes, the overall inventory of homes listed for sale in San Francisco is currently running 35 percent higher versus the same time last year, 16 percent of which have had at least one price reduction (which doesn’t include the mansion on Franklin for which the asking price was just reduced another million dollars as it was re-listed as “new”).

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Comments from “Plugged-In” Readers

  1. Posted by Sabbie

    I don’t think this is really a big deal, but if Apple and Twitter and Netflix were all to have earnings misses this season, then I might be worried.

    • Posted by HousingWonk

      I assume this is snark.

    • Posted by anon

      Huge Facebook beat. Never mind. The boom continues.

      • Posted by Sabbie

        Yes Facebook is doing great, as they monopolize the social media space maybe the entire Bay Area can get jobs at Facebook, or at least serving those who work at Facebook.

    • Posted by anon

      What? A big beat for LinkedIn too? Hope I can cover all my shorts.

      • Posted by Sabbie

        And Icahn sold all of his AAPL shares. And Amazon AWS relies heavily on startups, kinda reminds me of Exodus Communications during the dot com boom. And NASDAQ has lost about 5% this past week. But at the end of the day, none of this matters. On the whole US corporate earnings are heading down, and are either in recession territory or darn close. Take a look at any chart.

      • Posted by anon

        Facebook gained about $30 Billion in market share today. LinkedIn has gained about $1.5 Billion todsy inc after hours. That buys a lot of bay area homes! For comparison, the total combined price for all SF homes sold in 2015 on the MLS was about $7.5 Billion.

        • Posted by anon

          And AAPL dropped $50B and TWTR dropped $2B. Net Loss. A lot of SF homes for sale. Quiz, which of those four companies are based in SF proper?

        • Posted by Sabbie

          Come on, LinkedIn is just now back to where it was in 03/2013 LOL. I can’t say much about FB except again, they can’t prop up the entire market by themselves. I also think their core product is going languish soon just like MySpace, but they just buy up every other successful product, so not too worried.

          • Posted by anon

            Yeah, and these smartphone thingies? Look for that flash in the pan to go the way of the Newton.

          • Posted by Sabbie

            Funny you bring that up. Global smartphone sales just yesterday printed their first ever year-over-year decline. Maybe people are no longer feeling the need to upgrade every year, or maybe it’s just the slowing global economy, or both.

  2. Posted by MyOddCommentHandle

    i think a lot of broker-owners are unloading and just asking too much because they’re testing the market and don’t mind taking longer to achieve a higher figure.

    non-owner agent gets it done asap so they can move onto the next listing. we all know how little is in it for for agents for that extra $10,000 for an extra month of showing.

    IMHO, people who have/know are starting to unload.

  3. Posted by SFRealist

    A ‘Price Reduction’ means a lower price. This is a ‘Smaller Increase’.

    • Posted by SocketSite

      Thanks for taking the time to point that out.

      And based on that, when we wrote: “the number of listings for condos in San Francisco for which the asking price has been reduced jumped from 14 to 20 percent, which is the highest percentage for this time of the year since 2013 and versus 8 percent at the end of April 2015,” we should have written: “the number of listings for condos in San Francisco for which the asking price has been reduced jumped from 14 to 20 percent, which is the highest percentage for this time of the year since 2013 and versus 8 percent at the end of April 2015.”

      • Posted by SFRealist

        Actually I was referring to the headline

        [Editor’s Note: In that case, based on the same data, our headline should have read: “Price Reductions for Condos in San Francisco on the Rise.”]

        • Posted by Beart Simpson

          Short my Tweets. Errr Tweet my Shorts. Don’t have a cow 70 year old trickster man!

        • Posted by SFRealist

          But really, my point was that under a normal reading a ‘price reduction’ means that something loses value. Condos aren’t getting cheaper. The asking price is lower, but that’s not the same thing as losing value.

          They may be going up in value more slowly, but that’s a different headline

          • Posted by SocketSite

            You’re now contradicting your own words (“A ‘Price Reduction’ means a lower price”), conflating prices and values, and drawing conclusions beyond the scope of the data.

            That being said, list prices are based on expected value and the trend we reported above has meaning.

        • Posted by Freeloader

          Snark… one of my favorite things about SocketSite and its editors.

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