With the pace of new listings in San Francisco matching the pace of sales over the past week, the number of single-family homes and condos actively listed for sale in the city now totals 890, up a little from last week (which marked the most homes on the market since the end of 2011) and 34 percent higher versus the same time last year.
At a more granular level, the number of single-family homes currently listed for sale in the city (353) is running 39 percent higher versus the same time last year while the number of listed condominiums (537) is 32 percent higher, year-over-year.
Keep in mind that our counts above do not include 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 versus the same time last year).
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 beginning of October last year.
And of all the homes currently listed for sale in San Francisco, 42 percent are listed for under a million dollars versus 43 percent at the same time last year, which in the absolute is now a hundred more listings for sub-million dollar homes.
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 (which now totals 157 versus 66 at this time last year) should continue to rise.
Steady as she goes…
So MLS numbers remain stuck at a little over 2 months of inventory. Still a fairly strong sellers’ market. I don’t think we’ll see any real downward price pressure until (unless) we get to about 4 months’ inventory. I’d rather we get there sooner rather than later.
Is it correct to assume that you are using redfin for the estimate here?
Seem to present a similar map and results.
While neither our historic nor current inventory counts are derived via Redfin’s analytics or tools, we are using a Redfin based map to illustrate the rough distribution of active listings (as of this morning).