With the number of homes that were listed for sale in San Francisco over the past week having outpaced the number of purchase contracts that were written, the net number of homes on the market in the city ticked up 2 percent to 990, representing 28 percent fewer listings than there were on the MLS at the same time last year, when inventory levels spiked, but 55 percent more than there were prior to the pandemic and twice as many as there were in July of 2015.
At a more granular basis, listed single-family home inventory is holding at around 290 active listings, which is 17 percent lower than at the same time last year, while the number of condos on the market has inched up 690, which is 31 percent lower than at the same time last year.
But as we noted last week, the average list price per square foot of all the homes on the market in San Francisco has dropped back under $1,000 per square foot. And in fact, the average list price per square foot for homes in the city is now down 5 percent on a year-over-year basis with the average sale price per square foot in San Francisco proper having slipped 2 percent over the past year to around $1,035 per square foot despite some misreports to the contrary.
Expect inventory levels in San Francisco to drop next month before jumping again in September. We’ll keep you posted and plugged-in.