CFAH

Driven by a seasonal drop in new listing activity, the net number of homes on the market in San Francisco dropped another 9 percent over the past week to 850, representing 44 percent less listed inventory than at the same time last year, which shouldn’t have caught any plugged-in readers by surprise.

At the same time, inventory levels are now 30 percent higher than they were prior to the pandemic and 100 percent higher than they were back in 2015, with 27 percent of the homes that are currently on the market having been reduced at least once and the average list price per square foot of the homes which are now in contract having inched down from $975 to $970 over the past week.

Expect inventory levels to continue to drop through the end of the year, and reductions to tick up, driven by unsold listings being reduced to spur a sale or withdrawn from the market and then re-listed as “new” in the spring.

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