List Price Reductions on the Rise in San FranciscoMarch 25, 2022
The percentage of homes on the market in San Francisco which have undergone at least one official price reduction ticked up four (4) percentage points over the past week to 21 percent, which is an atypical increase for this time of the year.
At the same time, the average list price per square foot of the homes on the market in San Francisco has inched down 2 percent over the past week to just over $1,000 per square foot, which is 2 percent lower than at the same time last year, while the list price of the homes which are in contract is now running closer to $990 per foot.
And while the percentage of homes on the market in San Francisco which have undergone at least one official list price reduction is only one (1) percentage point higher than at the same time last year, at which point the percentage was trending down, it’s seven (7) percentage points and 50 percent higher than in the years preceding the pandemic.
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