The net number of homes on the market in San Francisco (i.e., inventory) ticked up another 3 percent over the past week from what was already an 11-year seasonal high with the pace of sales currently down 15 percent on a year-over-year basis, despite the marked increase in supply. As such, there are 30 percent more homes on the market than there were at this time last year, as there were last week as well, with 80 percent more homes on the market than there were prior to the pandemic and 150 percent more than there were in mid-May of 2015.
At the same time, the percentage of active listings that have been reduced at least once has ticked up another 3 percentage points to 27 percent, which is 5 points higher than at the same time last year and over twice the percentage of active listings which had been reduced in mid-May of 2019, prior to the pandemic having hit.
Keep in mind that springtime inventory levels in San Francisco typically don’t peak until June. We’ll keep you posted and plugged-in.