With the number of homes newly listed for sale in San Francisco having outpaced the number of purchase contracts that were inked for the eighth week in a row, there are now 1,000 homes listed for sale across the city.
That’s 40 percent more inventory than at the same time last year, another 9-year seasonal high, and within 4 percent of hitting a 9-year high in the absolute (keep in mind that inventory levels typically don’t peak until October), a jump which shouldn’t catch any plugged-in readers by surprise.
At a more granular level, the number of single-family homes currently listed for sale across the city (310) is currently 27 percent higher than at the same time last year while the number of condos (690) is up by nearly 50 percent. And the percentage of listings which have undergone at least one official price reduction has been ticked up to 20 percent, which is five (5) percentage points higher than at the same time last year.
We’ll keep you posted and plugged-in.