Having jumped over 20 percent in September, a move which shouldn’t have caught any plugged-in readers by surprise, the number of homes on the market in San Francisco, net of all sales, both pending and closed, has just ticked up to 1,900 for the first time in a decade and is within 5 percent of hitting a two-decade (plus) high.
In addition to running 90 percent higher on a year-over-year basis, versus nearly 20 percent lower nationwide, listed inventory levels in San Francisco are now over 200 percent higher than they were in October of 2015 and roughly 20 percent higher than during the Great Recession, with the number of condos on the market (1,460) now up 110 percent on a year-over-year basis and single-family home inventory (450) up a little over 40 percent, year-over-year.
At the same time, with 31 percent of the homes on the market in San Francisco having been reduced at least once, which is 14 percentage points higher than at the same time last year, the number of reduced listings has jumped 26 percent over the past month to a 10-year high in the absolute.
All that being said, while inventory levels will likely continue to tick up over the next couple of weeks, inventory levels typically peak in October. We’ll keep you posted and plugged-in.