Pace of Home Sales in San Francisco Dips
February 8, 2022
Down an average of 18 percent on a year-over-year basis in December, the number of single-family homes and condos in contract across San Francisco was down an average of 23 percent on a year-over-year basis in January, which will have a direct impact on February sales. And with the slowdown in the pace of sales, inventory levels in San Francisco have ticked up and are poised to jump after the Super Bowl and Presidents’ Day.
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Does anyone know how to interpret this or does it mean nothing? There’s never any comments for these posts here.
wouldn’t the most direct interpretation be that there are fewer buyers who are willing to pay prevailing prices? which if true wouldn’t be surprising, since the quality of life and social fabric of the city is deteriorating day by day.
No comments after these down tick posts because the readers are too busy either laughing or crying.
I still don’t know how to interpret who is laughing here and who is crying
I look over these past couple months and figure less people, meaning both buyers and sellers, have been willing to move during omicron. For example there are only 174 single family homes for sale in SF right now per the MLS. That’s extremely low inventory. The properties that actually go on the market are trading briskly, as seen by the 210 SFRs in contract, and the 154 sold since the beginning of the year.
The number of single-family homes on the market in San Francisco is currently right at the 10-year average, actually 2.3 percent above the 10-year average (170), for this time of the year.
Interesting. Now that I am looking at it, 1/1-21 – 2/12/21 with its 222 SFR sales is the anomaly. The other years ’17 – ’22 look pretty similar, 2018 with 141 having lesser sales by 10 percent or so but ’17 (158), ’19 (154), ’20 (158) and ’22 (now up to 155) looking pretty similar.