As projected, the number of homes on the market in San Francisco ticked down another percent over the past week to 1,210, having peaked exactly two weeks ago.
As such, listed inventory levels in San Francisco are now down 34 percent on a year-over-year basis, from a two-decade high last year. But there are nearly 30 percent more homes on the market than there were at this time of time of the year in 2019, prior to the pandemic, and over 90 percent more homes on the market than there were at this time of the year in 2015.
And as we outlined two weeks ago, “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to tick down over the next couple of weeks and then drop through the end of the year, with unsold inventory either withdrawn from the market and then re-listed as “new” in the spring or reduced,” with a quarter of the active listings in San Francisco having already been reduced at least once, which is up from 18 percent of the active listings in mid-September, with an average list price per square foot which has just slipped back under $1,000 per square foot, which is one (1) percent lower than at the same time last year.