Pace of Sales Slows, Inventory Levels Tick Up in San FranciscoMay 24, 2021
With the number of single-family homes and condos that were newly listed for sale in San Francisco having outpaced the number of new purchase contracts that were written over the past week, the net number of homes on the market across the city (i.e., inventory) ticked up 3 percent to 940 with the number of single-family homes on the market (270) up 1 percent on a year-over-year basis and the number of condos on the market (670) up 11 percent.
At the same time, the average list price of all the homes on the market ticked down 3 percent over the past week to just over $1,000 per square foot with 21 percent of the active listings on the MLS having been reduced at least once, which is four (4) percentage points, or 24 percent, higher than at the same time last year.
And having peaked in early April when 19 percent higher than today, pending home sales ticked down 4 percent over the past week to around 700 with an average list price per square foot of around $990 versus $1,030 at the same time last year.
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