The net number of single-family homes and condos listed for sale in San Francisco (i.e., inventory) inched down 2 percent over the past two weeks to 920, which includes 260 single-family homes and 660 condos. And for the first time since the second quarter of last year, inventory levels are down on a year-over-year basis, with 13 percent fewer single-family homes and 5 percent fewer condos on the market than at the same time last year.
That being said, the list price for 22 percent of the listings on the MLS having been reduced at least once, which is two (2) percentage points higher than at the same time last year, and 36 percent of the homes on the market are now listed for under a million dollars, versus 24 percent at the same time last year, with an average list price per square foot of $965, which is 3 percent lower than at the same time last year.
Keep in mind that the weeks that bookend the Memorial Day weekend can be a little wonky with respect to listing activity and spring inventory levels typically peak in mid-June. We’ll keep you posted and plugged-in.