The number of homes on the market in San Francisco, net of all new sales, both pending and closed, ticked up another 10 percent over the past week to 760, representing 65 percent more homes on the market than at the start of the year with typical seasonality in play (despite some industry misanalysis making the rounds in December).

While listed inventory levels are still 19 percent lower than they were at the same time last year, they’re now 50 percent higher than they were prior to the pandemic; nearly 150 percent higher than they were in February of 2015; and the year-over-year gap in listed inventory, which was up to 50 percent this past September and averaged over 30 percent last month, continues to drop with a slowdown in sales activity.

Expect inventory levels to muddle along over the next two weeks and then jump after the Super Bowl and Presidents’ Day weekend, driven by an increase in new listing activity along with the return of properties that failed to sell last year and were quietly withdrawn from the market in order to be re-listed as “new” in the spring. We’ll keep you posted and plugged-in.

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