The number of homes on the market in San Francisco ticked down another 3 percent over the past week to 820, which is 42 percent lower than at the same time last year and shouldn’t have caught any plugged-in readers by surprise.
At the same time, the net number of single-family homes and condos in contract across San Francisco dropped 9 percent over the past week to 610, which is 1 percent lower than at the same time last year with an average list price per square foot of $964 (which is 3 percent higher than at the same time last year but 7 percent below the average list price of the homes which remain on the market, 27 percent of which have already been reduced at least once).
Expect inventory levels and the pace of sales to drop through the end of the year, driven by unsold listings being further reduced to spur a calendar year sale or withdrawn from the market and then re-listed as “new” in the spring.