The net number of homes listed for sale in San Francisco has been holding around 620 over the past week, which represents 8 percent more inventory on the market than at the same time last year.
The currently inventory count includes 205 single-family homes (which is 2 percent more than at the same time last year) and 415 listed condos (which is 12 percent more, year-over-year) but doesn’t include around 600 units that have yet to go into contract in new developments around town.
The percentage of homes on the market with a list price of under a million dollars has inched up 3 percentage points to 31 percent over the past week but remains 3 percentage points below its mark at the same time last year.
And of course, a higher percentage of more expensive homes on the market, and respective sales, should push the median sale price up, even if underlying values have actually declined.
There are at least two 5 mm+ off-market listings on my block right now that I know about. The realtors say they will update the selling price on the MLS after closing.