The net number of single-family homes and condos in contract across San Francisco dropped around 6 percent over the past week, representing the second straight week-over-week decline at a time of the year when the pace of sales typically accelerates.
That being said, sales activity is still up around 200 percent versus the same time last year, when pandemic-driven shutdowns hobbled the market, and around 60 percent higher than at the end of April in 2019, prior to the pandemic having hit.
But the average list price per square foot of the homes which are in contract dropped around 3 percent over the past week and is now down 9 percent on a year-over-year basis. And 20 percent of the homes which have yet to go into contract have reduced their list prices at least once, which is 5 percentage points, not percent, higher than at the same time last year.
And while inventory levels ticked down another 2 percent over the past week, and a spring spike has yet to materialize, listed inventory levels remain at a 10-year seasonal high (and 40 percent higher than at the same time last year).