Driven by a drop in listing activity, as is typical for this time of the year, the net number of homes on the market across San Francisco ticked down 4 percent over the past week to 950. And as such, listed inventory is now down 30 percent on a year-over-year basis but still 40 percent higher than prior to the pandemic and 100 percent higher than in July of 2015.
On a more granular basis, listed single-family home inventory has been holding at around 290 active listings over the past month, which is 22 percent lower than at the same time last year, while the number of condos on the market (660) is down 37 percent, year-over-year.
And having dropped under the $1K mark earlier this month, the average list price of the properties on the market in San Francisco has further ticked down to $970 per square foot.
Expect inventory levels to continue to drop through the end of August before jumping again in September. We’ll keep you posted and plugged-in.