Having slipped last week, the net number of homes on the market in San Francisco has since inched back up 1 percent to 980, representing 35 percent more inventory than at the same time last year and versus a nearly 30 percent deficit nationwide.

That being said, while inventory levels for both single-family homes (230) and condos (750) have inched up, the year-over-year gain is currently being driven by listings for condos, which are up 55 percent versus down 6 percent for single-family homes.

At the same time, the percentage of homes on the market with a reduced list price is currently holding at around 21 percent, which is now 5 percentage points, or 31 percent, higher than at the same time last year with 75 percent more reduced listings in the absolute.

And once again, expect inventory levels to climb over the next quarter and through the middle of the year, with a big year-over-year jump later this month driven by an exodus of listings last March.

Comments from Plugged-In Readers

  1. Posted by Ohlone Californio

    Two hundred thirty houses for sale in all of SF is a very low number. No wonder there’s so much competition for decent properties right now. It’s shaking out to pretty much be the polar opposite of what a lot of people said on here, isn’t it?

    • Posted by SocketSite

      While down 6 percent, year-over-year, and certainly not a big number in the absolute, that’s still more single-family home inventory in San Francisco than in 2019, 2018, 2017, 2016, 2015 or 2014 (when inventory levels were actually 35 percent lower than today).

  2. Posted by Ohlone Californio

    There were only ~150 single family homes for sale at this time in 2014? Wow. Do you have a source for that? It’s surprising. But this market is certainly feeling stronger than March 2020, yes.

    • Posted by SocketSite

      That’s correct. We maintain a database of discrete inventory levels, reductions and sales for single-family homes, condos and multi-family buildings going back to 2006.

  3. Posted by AstrosFan

    Why are so many condos pending in under two weeks? Inventory might be higher y/o/y but overall still seems tight relative to buyers…

  4. Posted by Fishchum

    Won’t YOY numbers have to be viewed through a Covid-19 filter? We’re approaching the “lockdown” date from last year, and agents were pulling listings left and right as showings were discontinued.

    • Posted by Ohlone Californio

      Well, yeah, starting from a week and a half from now …

    • Posted by SocketSite

      As we outlined last week and wrote above, “expect inventory levels to climb over the next quarter and through the middle of the year, with a big year-over-year jump later this month driven by an exodus of listings last March.”

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