While listing activity for single-family homes and condos in San Francisco ticked up nearly 20 percent over the past week, purchase activity ticked up even more. And as such, the net number of homes on the market in San Francisco (i.e., inventory) ticked down 3 percent in the absolute to 970.
That being said, overall inventory levels are still 40 percent higher than at the same time last year, with the number of single-family homes on the market roughly even, year-over-year, and 60 percent more condos while inventory levels are down nearly 30 percent nationwide.
While the percentage of homes on the market in San Francisco with a reduced list price has ticked down from 22 to 21 percent over the past week as well, that’s still 7 percentage points or 50 percent higher than at the same time last year and over twice as many reduced listings in the absolute.
Expect inventory levels to climb over the next quarter and through the middle of the year, with a big year-over-year jump this month driven by an exodus of listings last March.