With listing activity back on the rise in San Francisco and the number of homes on the market nearing a 9-year high, the percentage of active listings with at least one official reduction – which doesn’t include properties that were withdrawn from the MLS and then re-listed with a lower “original” list price – has ticked up over the past two weeks to around 17 percent.
That’s compared to around 13 percent of listings at the same time last year at which point there were around 15 percent fewer homes on the market and 40 percent more homes in contract.
IS INVENTORY DRIVING PRICES LOWER?!?!?!???
Maybe, a tiny bit, although I wonder if a 13% vs 17% rate is actually statistically significant.
Inventory? Or demand?! how are those open house crowds doing??
“It is difficult to get a man to understand something, when his salary depends on his not understanding it.”
— Upton Sinclair,
The Godwin’s Law of real estate blogs, the Upton Sinclair chestnut. ^
Almost everything I’m looking at has higher prices or withdrawn. I’ve seen a few withdraw and relist lower moves, but those are excluded as the editor points out.
I’m looking at 3br+ SFR and condos. Almost everything there is pre CV pricing or higher. I bet a lot of these price drops are around 1br condos around South Beach/soma. Without foreign buyers to prop prices, the appeal of walking to work in a giant office tower is smoked.
Roughly 85 percent of the active listings which have been reduced are for properties with two bedrooms or more.
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” (as we first noted two months ago).
How many properties on the market are two bedrooms are more? More or less than 85%?