While the number of homes that have traded hands in San Francisco since the start of the year is currently running at an eight-year low, pending sales activity in the city has just inched up on a year-over-year basis for the first time in five months.
When we say inched, we mean inched (up an average of under one percent on a year-over-year basis over the past two weeks while inventory levels are currently up 6 percent) and year-to-date sales, including the month of September, remain down.
And with a higher share more expensive homes on the market (roughly 27 percent of the homes listed for sale in San Francisco were priced at under a million dollars over the past month versus 34 percent at the same time last year), the average list price per square foot of the homes currently in contract in the city is now running 3 percent higher than at the same time last year as well.
Actual price, in terms of dollars per foot, is up year over year. Accordingly both homes for sale and homes in contract will display less sub 1M property sales.
There was a frenzy for 3+ unit buildings to get into contract before September 3 COPA implementation deadline.