While slowed by the holiday weekend, the number of single-family homes and condos currently listed for sale in San Francisco ticked up to 510 over the past two weeks, which is 24 percent higher versus the same time last year and the highest post Presidents Day total since 2012 (at which point there were 718 active listings on the MLS).

At a more granular level, while the number of single-family homes currently listed for sale in the city (170) is currently running about even (up 2 percent) versus the same time last year, the number of listed condominiums (340) is currently 40 percent higher, goosed by teaser listings for new construction units on the market, the vast majority of which are not included in the aforementioned counts and the inventory of which currently totals around 980 and is 50 percent higher versus the same time last year.

And in terms of pricing and expectations, 14 percent of the active listings in San Francisco have undergone at least one price reduction (versus 12 percent at the same time last year) and 37 percent of the homes on the market are currently listed for under a million dollars (versus 39 percent at the same time last year).

Keep in mind that inventory levels in San Francisco typically jump in the weeks following Presidents Day and then continue to climb through June or July.

Comments from Plugged-In Readers

  1. Posted by curmudgeon

    I really appreciate seeing this kind of time series. Yes, many more listings than 14/15, but also many fewer than 9/10. Overall, it looks like we are still slowly climbing to normalcy.

    • Posted by two beers

      “Normalcy” was the long-term pre-’90s trend of housing tracking inflation.

      Now that housing values have separated from inflation and are instead subject to the boom-n-bust cycles of other high-ticket assets, the idea of “normalcy” in the housing market is ridiculous. “Normalcy” in housing won’t obtain until housing reverts to its long-term mean and again tracks inflation. And this won’t happen until the asset-goosing, productivity-sapping loose monetary policy Sabbie referred to in the other thread comes to an end.

  2. Posted by Martin

    I didn’t realize that inventory took such a jump between ’10 and ’11 making it seem like either of those years was an anomaly.

    • Posted by SocketSite

      It wasn’t an anomaly, per se. Any thoughts as to what specific forces were in play around the 2009-2011 time frame?

    • Posted by anon

      Well, it was the biggest housing crash since the great depression.

  3. Posted by Martin

    @anon, I’m not talking about the crash of ’09. I’m talking about why some of the recovery seen in ’10 was lost ’11. If numbers were to follow the curve, then either numbers for ’10 need to be higher to closer match ’09, or ’11 numbers need to be lower to those of ’10.

    • Posted by SocketSite

      Again, any thoughts as to what might have caused the non-anomalous dip in a declining market, when sellers that could wait did and others were eventually forced to liquidate?

    • Posted by anon

      The crash of ’09 was actually the crash of ’08 to ’12. The crash was not a straight drop. Recall there were loads of programs in 2010 to prime the housing markets like buyer incentives and foreclosure relief. Those efforts slowed the bleeding a little for a while (a dead cat bounce).

      • Posted by SFRealist

        I think you mean ’07 to ’09. The stock market has been continually growing since early ’09.

        • Posted by anon

          I was talking about the housing market crash, not the stock market crash.

        • Posted by moto mayhem

          bottom of housing was in 2011

  4. Posted by Futurist

    A sale can still be very strong, if it is an exceptional property, fully remodeled, well maintained, with a functional floor plan, quality systems, appliances and materials.

    As an example, recently sold my NV house, no price reduction; 7 days on the market, 8 offers ALL overbid; sold for 26% over asking, all cash, 7 day close.

    The right house will still perform exceptionally.

    • Posted by two beers

      “The right house will still perform exceptionally.”

      Real estate reduced to tautology.

      • Posted by Futurist

        And it sure did.

        • Posted by curmudgeon

          Is Futurist finally decamping for Palm Springs?

          • Posted by Futurist

            You guessed it.

          • Posted by anon

            Your place was a fixer-upper (or maybe a teardown), correct? I looked at it. Great sale price, I must say. It will be interesting to see what the buyers build there.

          • Posted by Futurist

            No, anon. hardly a fixer. As architects, my husband and I did a full remodel, from foundation to roof; permits, extensive drawings; full structural upgrade, mechanical, electrical, plumbing, finishes; 3 baths, etc,

            Very happy with the sale. Love Palm Springs. New adventures.

    • Posted by AnonAnon

      Why suddenly so coy Futurist, what is the address of your old home?

      • Posted by Futurist

        Not coy at all. If you’re so interested then do your research on the MLS.

        • Posted by Futurist

          i honestly just don’t think the new owners want their address put out publicly. That’s all.

    • Posted by sparky-b

      first the Fat Boys break up now this!

  5. Posted by Futurist

    No, anon. hardly a fixer. As archhitects, my husband and I did a full remodel, from foundation to roof; permits, extensive drawings; full structural upgrade, mechanical, electrical, plumbing, finishes; 3 baths, etc,

    Very happy with the sale. Love Palm Springs. New adventures.

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