With the typical August slowdown underway, the number of single-family homes and condos listed for sale in San Francisco has dropped roughly 20 percent over the past three weeks, with price cuts having spurred sales and units that haven’t sold being withdrawn from the MLS (and likely to reappear anew in September or October).
At the same time, the number of homes currently listed for sale in the city (670) remains 56 percent higher versus the same time last year and at a five-year seasonal high, not including the vast majority of new construction condos available for sale across the city, the number of which is currently hovering around 1,100 and 50 percent higher year-over-year.
And the number of listings for which the asking price has been reduced at least once (137) remains three times as high versus the same time last year.