Most Homes on the Market in San Francisco Since 2011September 23, 2019
Having hit an 8-year seasonal high last week, the number of homes on the market in San Francisco has ticked up to 980, which is 6 percent higher than at the same time last year and the highest inventory level in the absolute since the fourth quarter of 2011.
That being said, the year-over-year gain is currently being driven by listings for condos (660), which are up 15 percent, year-over-year, not including the vast majority of new construction condos for sale across the city, versus single-family homes (320), which are currently down 10 percent, year-over-year.
Expect inventory levels to continue to climb through October, especially if the year-to-date trend in San Francisco home sales holds.
And while the market for condos is certainly more volatile, with higher highs and lower lows, keep in mind that it remains a leading indicator for the market as a whole.
Comments from Plugged-In Readers
From 2011-2019, how many more condos have been added to SF? Is there any readily available information on what percentage of the overall pre-owned condo market this represents; listings to market size? How this has changed from 2011-now?
These are the (obfuscating) denominators you are looking for: The Latest Inventory of San Francisco’s Housing Stock and Development.
The bottom is falling out. Strong economy, sky high tech valuations, lowest unemployment rate in history, all time low interest rates, and yet still RE inventory is building and prices are declining. It will be pure carnage in 2020.
Actually the economy is not strong and tech valuations are plateaued.
But the future is not looking good.
Working 5 hours a week driving an Uber does not make an unemployment rate great.
I am not seeing how this portends 2020 carnage. The cost of second hand condos is coming down after years of “trying” to produce as many as possible and producing over 20,000. Wasn’t that the plan? Meanwhile less single family homes are for sale and are selling for very high dollars still. Since more aren’t produced that is as expected too.
Can’t it be good news that condo pricing are coming down without it being doom and gloom. Continuing to produce new condos that get a big dollar figure while second and third hand become better and better deals is the best thing for the city I would think.
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