Having hit a 7-year high last month, the number of homes listed for sale in San Francisco has ticked up another 6.6 percent over the past two weeks to 950, which is 29 percent higher on a year-over-year basis and 41 percent above its mark at the same time in 2015 (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 (360) is now running 46 percent higher versus the same time last year while the number of listed condominiums (600) is 20 percent higher, year-over-year, not including the vast majority of new construction condos for sale across the city.
In terms of pricing and expectations, 17 percent of the active listings in San Francisco have undergone at least one price reduction versus 15 percent at the same time last year, while 33 percent of the homes on the market are now listed for under a million dollars versus 31 percent last week and 32 percent at the same time last year.
While inventory levels could continue to climb through the middle of October, they appear to nearing a seasonal peak. But with recorded home sales in San Francisco running 5.9 percent lower on a year-over-year basis in August having dropped to a seven-year seasonal low in July, there is room for some atypical movements in inventory levels over the next few weeks.