As is typical for early November, the number of homes on the market in San Francisco has ticked down 2 percent over the the past week to 930, which is dead even with the same time last year.
At a more granular level, the number of condos listed for sale in the city (610) is now running 1 percent lower than at the same time last year while the number of single-family (320) is now running 2 percent higher, and that’s despite the fact that the number of single-family homes on the market in San Francisco jumped nearly 60 percent from early November 2017 to early November 2018 (versus a 31 percent increase for condos).
At the same time, the percentage of active listings which have undergone at least one price reduction has ticked up 3 percentage points to 28 percent, which is 3 percentage points higher than at the same time last year. And the percentage of homes on the market with a price tag of a million dollars or less has ticked up another point to 28 percent but remains 6 points lower than at the same time last year.
To echo what we’ve written over the past few weeks, expect inventory levels to continue to drop through the end of the year and the prevalence of reductions to rise.