Inventory Levels and Sales Continue to Drop in San FranciscoMarch 30, 2020
Having plummeted 40 percent last week, the number of homes on the market in San Francisco has since dropped another 14 percent to 390, which isn’t zero but is 37 percent fewer than at the same time last year, driven by a combination of listings being withdrawn from the MLS and new listing activity having nearly ground to a halt, not a jump in sales.
At the same time, the percentage of homes on the market in San Francisco with at least one official price cut – which doesn’t include properties that were withdrawn from the MLS and then re-listed with a lower “original” price – is currently holding at 23 percent, which is nearly double the percentage at the same time last year.
And the pace of home sales in the city, which was already trending down prior to a stay-at-home order being issued for San Francisco, is now down 20 percent on a year-over-year basis and dropping fast, with the average list price of the homes which are currently in contract down to around $975 per square foot.
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