Having hit a 7-year high in the absolute last month, the number of listed homes on the market in the San Francisco has ticked down 3 percent over the past two weeks to 930 but remains 39 percent higher versus the same time last year, 82 percent above its mid-November mark back in 2014, and at a 7-year seasonal high.
At a more granular level, the number of single-family homes currently listed for sale in the city (320) is running 45 percent higher on a year-over-year basis while the number of listed condominiums (610) is up 36 percent, not including the vast majority of new construction condos still for sale across the city.
At the same time, having hit a two-year high last month, the number of homes currently on the market listed for under a million dollars (230) is still running 42 percent higher on a year-over-year basis while 25 percent of the homes listed for sale in San Francisco have undergone at least one price reduction, which is even with the same time last year.
Expect inventory levels to decline though the end of December with normal seasonality in play and the percentage of listings with a price cut, which topped out at 27 percent in San Francisco last year, to tick up.
And once again, while inventory levels are up, the number of homes in contract across San Francisco is currently running 11 percent lower versus the same time last year.