Number of Homes for Sale in San Francisco Has Likely PeakedOctober 18, 2021
Having inched down a percent over the past week to 1,240, the number of homes on the market in San Francisco, net of new sales, appears to have hit its peak for the year, a move which shouldn’t catch any plugged-in reader’s by surprise.
And while inventory levels are down 38 percent from a two-decade high at the same time last year, there are still 20 percent more homes on the market than there were at this time of time of the year in 2019, prior to the pandemic; 75 percent more homes on the market than there were at this time of the year in 2015; and the most homes on the market in a decade, save for in the second half of last year.
Expect inventory levels to tick down over the next couple of weeks and then drop through the end of the year, with unsold inventory either withdrawn from the market and then re-listed as “new” in the spring or reduced. Speaking of which, 25 percent of all active listings have been reduced at least once, which is up from 22 percent last week and is on track to tick over 30 percent in November.
Comments from Plugged-In Readers
PEAKED? Peaked, Dee? Let me tell you something
It hasn’t even begun to peak. And when it does peak, you’ll know.
Because it’s gonna peak so hard that everybody in San Francisco is gonna feel it
Amazing insight here, and obviously well-supported, Mr. Zedong. Thanks for sharing.
Well, the headline is fairly presumptuous.
Heck, I feel the stock market has likely peaked given the historic data and PE valuations.
Our headline is based on 15 years of data, trends and ongoing analysis, not simply a week, month or even a few years.
Speaking of which: Number of Homes for Sale in San Francisco Inches Down
And has since dropped a total of 19 percent.
SF will continue to be a tale of two cities.
The extended downtown core will continue to struggle with work from home, street life issues, smaller spaces, and general lack of interest in being downtown.
The rest of the city will thrive. Slow Streets, the steady march of improvements by Parks and Rec, and permanent outdoor dining have actually made these areas more attractive in the last two years IMO.
“street life issues”. Great euphemism, Mr. Pro.
Just wait until the aggressive panhandling by those living the street life (i.e., the lumpenproletariat) starts intersecting with the members of the bourgeoisie availing themselves of the permanent outdoor dining. We will see what seems attractive then.
Somebody knows their Marxist theories!
Did Marx expound on outdoor dining?? I’ve heard a story that he got thrown out of the annual picnic of the Communist League for lecturing on division of labor, rather than working the ice cream churn.
Isn’t this like a shopping mall with a dying anchor tenant? What’s the point of paying the SF premium to live in the suburban parts of the city when the urban part is dying? The “street life issues” will spill over like the others are saying. Plus the cost of dealing with theses issues combined with the business exodus is going to severely strain the city financially. The proximity to downtown has gone from a big plus to a big minus.
Comments are closed.