The number of single-family homes and condos currently listed for sale in San Francisco ticked up 13 percent over the past two weeks to 580, the highest total at the beginning of March since 2012 (at which point there were 718) and 13 percent higher versus the same time last year.

At a more granular level, while the number of single-family homes currently listed for sale in the city (200) is currently running 5 percent lower versus the same time last year, the number of listed condominiums (380) is 26 percent higher, not including the vast majority of unlisted new construction condos for sale across the city, the inventory of which currently totals around 1,000 which is 50 percent higher versus the same time last year.

And in terms of pricing and expectations, 16 percent of the active listings in San Francisco have undergone at least one price reduction (versus 13 percent at the same time last year) and 35 percent of the homes on the market are currently listed for under a million dollars (versus 38 percent at the same time last year).

Listed inventory levels in San Francisco should continue to climb through June or July. 

Comments from “Plugged-In” Readers

  1. Posted by Markets_arent_panacea

    Blarg…the lack of sfh supply is really discouraging. Way too many condos built recently and not enough sfh. The aggregate stats obscures the difference for the market for comdos vs. sfh. Not a criticism of the headline or analysis, etc. just a lament.

    • Posted by anon

      Yeah, but don’t expect a lot of SFHs to be built in San Francisco in our lifetimes. Some existing SFR shacks torn down to build new bigger SFHs, but that’s about it.

      Even as to condos, unless this uptick is met with flat or declining sales over an extended period, we’re not going to see price drops, at least not significant ones. Could happen, but hasn’t yet. Months-of-supply numbers remain low. MLS condo sales volume in 2016 was pretty consistent with 2012-2015, after big drops the four prior years when prices fell a lot.

    • Posted by SFRealist

      There’s no space for significant numbers of new SFHs in SF. We have no choice but to build condos.

      • Posted by Markets_arent_panacea

        Seems like there is some space in the south east and south western parts of the city. Admittedly easier said than done

        • Posted by SFRealist

          For new SFHs? You can replace what exists with nicer ones, but there very little room for new ones. What we can do is build thousands of condos, which we have done. That has demonstrably helped limit price increases

          • Posted by pablito

            Hunter’s Point! Lots of land. And it glows in the dark…..

        • Posted by Ohlone Californio

          in the southwest? yeah just gotta get rid of the zoo animals, golf courses and parks

  2. Posted by Ohlone Californio

    And with the rumors of the city potentially capping all SFR development at 3200 sq ft, I am looking for existing large SFRs to appreciate even more.

  3. Posted by jwb

    Normalized for population might be more informative.

  4. Posted by anon2

    “Way too many condos built recently and not enough sfh”

    Is this really a supply problem or a demand problem? Obviously some people strongly prefer SFHs, but also many many current SFHs are effectively being used as condos and/or apartments due to illegal in-law’s/subletting/room sharing.

    You could imagine some alternate world where SF SFHs were much cheaper, schools and traffic were better and streets were cleaner and in this alternate world more people would want SF SFHs at market prices. But in this current world we live in, I think builders are building to actual demand when they build condo’s and apartments vs SFHs.

  5. Posted by Pero

    @Socketsite, it would be great to show the chart split up for SFH and condos. This would show when/if the trend for the two separated over the past years.

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