Having hit a 9-year high at the beginning of the week, prior to the COVID-19 related stay at home order having been issued in San Francisco and the Dow having dropped an additional 15 percent, for a total drop of over 30 percent since mid-February, the number of homes on the market in San Francisco has dropped 20 percent over the past three days alone.
It’s important to note that the current reduction in inventory levels has been driven by a wave of listings being withdrawn from the MLS versus a jump in sales. And in fact, the pace of home sales in San Francisco, which was already trending down, has dropped a few more percentage points on a year-over-year basis over the past three days.
Stay safe. We’ll keep you posted and plugged-in.