While recorded sales activity in San Francisco ticked up last month, the pace of new listings has ticked up even more. And the number of single-family homes and condos listed for sale in San Francisco now totals 885, which is most at any point in time since the end of 2011 and 31 percent higher versus the same time last year.
Keep in mind that our count above doesn’t include homes that are for sale but currently unlisted, such at the Mrs. Doubtfire home at 2640 Steiner Street, nor the vast majority of new construction condos available for sale across the city (the number of which has been hovering around 1,100 and over 50 percent higher, year-over-year).
At a more granular level, the number of single-family homes currently listed for sale in the city (350) is running 28 percent higher versus the same time last year while the number of listed condominiums (535) is running 33 percent higher.
And in terms of pricing and expectations, 18 percent of active listings on the market have undergone at least one price reduction versus 10 percent at the end of September last year. Of course, that doesn’t include an accounting for homes like 50 Oakwood, the asking price for which has been reduced a million dollars but the listing for which was withdrawn from the MLS and then relisted anew.
Expect inventory levels to continue to tick up through October and then to start dropping through the end of the year while the number of listings for which the asking price has been reduced (155 versus 65 at this time last year) should continue to rise.