Reduced Listings Hit a 10-Year High in San Francisco

With the number of homes on the market in San Francisco nearing a two-decade high and the percentage of homes on the market with a list price that has been reduced at least once having ticked up to 31 percent, which is 14 percentage points, or roughly 80 percent, higher than at the same time last year, the number of listings with a reduced price now totals 595, which is the most since the fourth quarter of 2010 in the absolute.

That’s over three times as many reduced listings than there were at the same time last year (176).  And in terms of the distribution, roughly 28 percent of the single-family homes on the market have been reduced at least once (versus 16 percent at the same time last year) and 32 percent of the condos (which is up from 18 percent at the same time last year).