Continuing a trend which shouldn’t catch any plugged-in readers by surprise, the number of homes on the market in San Francisco, net of new sales and contract signings, ticked up another 6 percent over the past week to 1,360, which is now over twice as much inventory as there was at the same last year, a new 9-year high, and within 8 percent of its mark in July of 2008.
At a more granular level, while the number of single-family homes currently listed for sale in San Francisco (350) is only running 48 percent higher than at the same time last year, the number of condos (1,010), which tends to be a leading indicator for the market as a whole, is up by over 130 percent and tallied over a thousand for the first time since the fourth quarter of 2010.
With nearly 30 percent of the homes now on the market in San Francisco having been listed for under a million dollars, there are now over twice as many sub-million dollar listings on the MLS than there were at the same time last year.
And as we highlighted last week, there are now over 150 percent more reduced listings on the MLS than there were at the same time last year, over six times (6x) more than there were in July of 2015, and the most reduced listings since the fourth quarter of 2011.
Keep in mind that inventory levels should be ticking down, based on typical seasonality patterns, before jumping again in September. We’ll keep you posted and plugged-in.