With new listing activity and inventory levels having plummeted, and the pace of home sales having sharply dropped, 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homes on the market in San Francisco with at least one official price cut – which doesn’t include properties that were withdrawn from the MLS and then re-listed with a lower “original” price – has jumped to nearly 25 percent.

That’s compared to only 13 percent at the same time last year but magnified by a mass withdrawal of listings from sellers who are in a position, at least currently, to wait the COVID-19 shutdown and market uncertainty out.

At the same time, we’re also seeing an uptick in listings with increased list prices as sellers and agents that were angling for a bidding war are changing tack.

Comments from Plugged-In Readers

  1. Posted by mary_jane_jacobs

    Gradually, and then suddenly.

  2. Posted by Anna

    Seems like a losing strategy to be increasing listing price in this environment..but to each his own.

    • Posted by Notcom

      Could simply be a marketing ploy: “the only thing worse than being talked about is not…” Of course SS’ failure – refusal? good for them! – to actually list said properties defeats that purpose.

    • Posted by Anonoly

      Sellers are closing their eyes screaming ‘LA LA LA LA LA’.

    • Posted by mary_jane_jacobs

      What SS means is that people used to market at unreasonably low prices to foster a competitive auction for the home. Those ‘bidding wars’ aren’t happening, so sellers are raising prices back to where they thought the houses would sell.

      This is ‘gradually’ part and in a couple of months we’ll see the ‘suddenly’ part.

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