The overall number of single-family homes and condos listed for sale in San Francisco (721) ticked down over the past week as sales activity outpaced new listings, as is typical for this time of the year, but inventory levels are now running 53 percent higher on a year-over-year basis versus 50 percent higher two weeks ago (and 4 percent lower on a year-over-year basis at the same time last year).
At the same time, the share of active listings for which the list price has been reduced at least once has ticked up to 20 percent versus 15 percent at the same time last year. And in the absolute, the number of reduced listings (147) is now running 110 percent higher, year-over-year.
At a more granular level, the number of listed single-family homes on the market (287) is running 36 percent higher versus the same time last year while the number of listed condos (434), which doesn’t include the vast majority of new construction units on the market, is up by 67 percent.
And the percentage of active listings for properties priced at under a million dollars in San Francisco has ticked up 4 points over the past week to 41 percent (40 percent for single-family homes).
Based on typical seasonality, expect inventory levels to continue to slip through August and then sharply climb through October before the winter inventory culling begins.