With the number of homes on the market in San Francisco nearing a two-decade high, and the percentage of homes on the market listed for under a million dollars having just ticked up to 35 percent, which is up 2 percentage points over the past month and versus 26 percent at the same time last year, there are now 160 percent more sub-million dollar homes on the market in San Francisco (690) than there were at the same time last year (270) and the most, in the absolute, since October of 2011.
Weirdly, I’m seeing a bit of a dry spell in inventory for the neighborhoods I’m looking at sub 1.5. Clearly things are not evenly distributed.
What neighborhoods are you looking at?
Primarily sunset, parkside, richmond, glen park, bernal
I noticed the same thing with condo under $700K….
Ha, I assume you’re pointing out that there are few of these to begin with
Correct, especially in the areas that I am looking at – Cole, Noe and Haight. I would say I did not see any new listings – that is attractive – in that category in the past 2-3 weeks.
56 of the 690 are SFH
18 north of 280
FWIW
That’s correct and perhaps not too surprising, considering the average sale price for a single-family home (SFH) in the city has been running around $1.6 million (versus $1.2 million for a condo).
At the same time, however, the average SFH sale price over the past six months is down around 8 percent versus the six months prior and down 9 percent on a price per square foot basis.
The average sale price metric. From Socketsite. Comedy gold.
In the context of sale prices, versus values, yes.
And of course, we included a price per square foot metric for good measure (ba-dum-bump) as well.