The number of homes on the market in San Francisco, net of all new sales, either pending or closed, climbed another 8 percent over the past week to 850, representing an 85 percent increase in inventory since the start of the year, which is an even bigger, not smaller, increase in inventory than historic seasonality alone would predict.
At the same time, listed inventory levels are still 12 percent lower than at the same time last year, but the year-over-year deficit has been on the decline since mid-November (when it measured over 40 percent) and there are now 20 percent more homes on the market in San Francisco than there were prior to the pandemic, over twice as many as they were in 2015, and the second most homes on the market at the end of February in over a decade.
As we outlined last week, expect inventory levels to “climb after Presidents’ Day, driven by a seasonal increase in new listing activity along with the return of properties that failed to sell last year and were quietly withdrawn from the MLS in order to be re-listed as “new” in the spring.” We’ll keep you posted and plugged-in.
Detail would be helpful if you have it. where are these homes located? SFH or condo? relatively recent hi rise construction? how many in in each bedroom range ? and at what price points?