Having hit a seasonal peak in June, as expected, the number of single-family homes and condos listed for sale in San Francisco has jumped an above-average 67 percent since the end of August and totaled 801 at the beginning of this week.
While 8 percent lower than at the same time last year, versus an average of 20 percent lower on a year-over-year basis last month, the current inventory level is the highest to date in 2017 and 32 percent higher than at the same time of the year two years ago (2015).
At a more granular level, the number of single-family homes currently listed for sale in the city (266) remains 25 percent lower than at the same time last year while the number of listed condominiums (535) is running 5 percent higher, a total which doesn’t include the vast majority of new construction condos for sale across the city, the inventory of which currently totals roughly 800 as well.
In terms of pricing and expectations for the inventory at hand, 14 percent of the active listings in San Francisco have undergone at least one price reduction versus 17 percent at the same time last year while 34 percent of the homes on the market are currently listed for under a million dollars versus 43 percent at the same time last year and 34 percent three months ago.
And in terms of activity and pending sales, the number of homes currently under contract, a total which isn’t include in the active inventory numbers above, is hovering around 360 which is the fewest since February this year.
Expect inventory levels in San Francisco to continue to climb into November before tailing off through the end of the year.
This looks to be the normal trend for this part of the year, and has ticked down from last year this time (as noted in article).
Looks like we’re past the top
Does anyone have intuition around placing the demand and value of condos in very small 2,3-unit buildings? They often feel a lot more house like, and very different from larger new construction developments. Do you feel the condo index is dominated by the latter?
And they are usually older, so yeah, I’d agree that current condo sales are dominated by new construction (or resale of construction finished in the last 10 years).
2-4 unit victorian condo sales seem to have held relatively steady. I see lots of condos open up in the $1.5M range, frequently with “SFR-like” language when they include parking or are above 1700sf.