While one week doesn’t make for a trend, the net number of homes on the market in San Francisco (i.e., inventory) ticked down a few percent over the past week from an 11-year seasonal high, driven by a pronounced slowdown in new listing activity versus an uptick in sales.
That being said, there are still 10 percent more homes on the market than there were at this time last year, 70 percent more than there were prior to the pandemic and over twice as many as there were in mid-April of 2015. In addition, price reductions remain on the rise with roughly a quarter of the currently active listings having been reduced at least once versus under a fifth at the same time last year and closer to a tenth back in April of 2019, prior to the pandemic.
Keep in mind that inventory levels in San Francisco typically hit a seasonal peak in June before pulling back and then rising to an annual peak in October. We’ll keep you posted and plugged-in.