Having hit a relative 7-year high last month, the number of homes on the market in San Francisco (690) has since ticked up another 9 percent and inventory levels are now running 15 percent higher than at the same time last year.
At a more granular level, the number of condos listed for sale in the city (460) is now running 13 percent higher on a year-over-year basis while the number of single-family homes (230) is now 19 percent higher, year-over-year.
And the percentage of homes on the market with a price tag of a million dollars or less has ticked up 2 percentage points to 24 percent but is still 4 percentage points lower than at the same time last year.
We’re expecting inventory levels in San Francisco to continue to increase, on both absolute and relative bases, through mid-June.