In a move which shouldn’t catch any plugged-in readers by surprise, the number of homes actively listed for sale in the San Francisco (765) jumped 39 percent over the past two weeks and is now running 9 percent higher versus the same time last year (700) and 25 percent above its mark at the same time in 2015 (610), the year which remains an inflection point for the current cycle.
At a more granular level, the number of single-family homes currently listed for sale in the city (305) is now running 33 percent higher versus the same time last year while the number of listed condominiums (460) is currently running 3 percent lower, a total which doesn’t include the vast majority of new construction condos for sale across the city, the inventory of which has been hovering around 500.
In terms of pricing and expectations, 14 percent of the active listings in San Francisco have undergone at least one price reduction, which is even with the same time last year, while 35 percent of the homes on the market are currently listed for under a million dollars, up from 34 percent at the same time in 2017.
Expect inventory levels to continue to climb through the end of September or mid-October. And keep in mind that recorded home sales in San Francisco dropped to a seven-year seasonal low in July.