With the holiday slowdown and market seasonality in full swing, the number of homes actively listed for sale in San Francisco has dropped to 715, which is down 25 percent from this past October’s 7-year high in the absolute but 60 percent more than there were at the same time last year and pending sales remain down.
At a more granular level, the number of single-family homes currently listed for sale in the city (255) is now running 66 percent higher on a year-over-year basis while the number of listed condominiums (460) is up 57 percent, not including the vast majority of new construction condos still for sale across the city.
At the same time, the number of homes on the market priced at under a million dollars in San Francisco is now running 49 percent higher on a year-over-year basis. And 27 percent of all the homes currently listed for sale in the city have undergone at least one price reduction, which is now one percentage point higher than at the same time last year.
Expect inventory levels to continue to decline though the end of this month and the percentage of listings with a price cut, which topped out at 27 percent in San Francisco last year, and 32 percent the year before that, to continue to tick up.