CFAH

With new listing activity in San Francisco having dropped over 30 percent on a year-over-year basis over the past six weeks, the net number of homes for sale across the city is still 40 percent lower than at the same time last year, but with 50 percent more homes on the market than there were in August of 2019 and over 100 percent more than there were at the same time of the year in 2015.

At the same time, while there are currently 30 percent more homes in contract that there were at the same time last year, sales activity over the past week dropped over 10 percent on a year-over-year basis and the average list price of the homes which are currently in contract has dropped under $940 per square foot, which is 6 percent lower than at the same time last year and 10 percent lower than the average price per square foot of the homes that have yet to garner an offer, representing the largest “expectation gap” in eight months despite 22 percent of list prices having already been reduced at least once.

Expect inventory levels to continue to drop through the end of August, along with sales, before jumping again in September.

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