CFAH

With typical seasonality in play, the net number of homes on the market in San Francisco dropped another 18 percent over the past week to 600, representing 45 percent fewer homes on the market than at the same time last year but 50 percent more than there were prior to the pandemic and over 150 percent more than there were at the end of 2015.

At the same time, the net number of single-family homes and condos in contract across San Francisco (470) dropped 9 percent over the past week and is now 24 percent lower than at the same time last year with an average list price per square foot of the homes which are in contract having ticked down another 3 percent over the past week to $940 (which is 16 percent lower than the average asking price of the homes which remain on the market, 28 percent of which have already been reduced at least once).

As we wrote last week, expect the pace of sales to drop through the end of the year along with inventory levels as unsold listings are withdrawn from the market and then re-listed as “new” in the spring. We’ll keep you posted and plugged-in.

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