Driven by a pronounced slowdown in the pace of sales, the net number of homes on the market in San Francisco (i.e., listed inventory) ticked up another 8 percent over the past week from what was already an 11-year seasonal high.
As such, there are now 30 percent more homes on the market than there were at this time last year, nearly 80 percent more than there were prior to the pandemic, and nearly 140 percent more than there were in early May of 2015.
At the same time, the percentage of active listings that have been reduced at least once ticked up another percentage point to 24 percent, which is 3 points higher than at the same time last year and versus closer to 13 percent in early May of 2019, prior to the pandemic.
Keep in mind that springtime inventory levels in San Francisco typically don’t peak until June. We’ll keep you posted and plugged-in.