Having peaked at an 8-year high in October, the number of homes on the market in San Francisco has since dropped 40 percent and is now running 13 percent lower than at the same time last year, driven by a combination of normal seasonality, a slowdown in new listing activity and a relative increase in the number of new contracts being written.
In fact, pending home sales activity in San Francisco is currently running around 13 percent higher than at the same time last year, driven by an uptick in contracts being written for condos versus single-family homes. But on a year-to-date basis, total sales in San Francisco are still down and remain on pace to end the year at an 8-year low.
Amazing how quiet the negative-nancies are when pending home sales go up 13%YOY!
A key line from above: “But on a year-to-date basis, total sales in San Francisco are still down and remain on pace to end the year at an 8-year low.”
Ah total sales! Buy low, sell at maximum market activity is what I always say.
We’ll see how long sellers are happy with a 10 or 20% loss over five years.