CFAH

The number of homes on the market in San Francisco dropped 11 percent over the past week to 730, 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 16 percent over the past week to 510 and sales activity is down 23 percent on a year-over-year basis with an average list price per square foot of the homes which are in contract having ticked down to $960 (which is 7 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).

Expect the pace of sales to drop through the end of the year along with inventory levels as unsold listings are withdrawn from the market and then re-listed as “new” in the spring.

Comments from Plugged-In Readers

  1. Posted by sfres

    Interesting. From these trends, I think there is one conclusion that can be drawn. In San Francisco, when more units are on the market for sale, there tend to be more closed sales. Otherwise stated: when there are fewer units on the market for sale, there tend to be fewer closed sales.

    I don’t see anything broader than that to be drawn from this evidence.

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