Having ticked back up to an 11-year seasonal high last week, the net number of homes on the market in San Francisco (i.e., inventory) has since ticked up another 3 percent to 1,070.
As such, there are now 24 percent more homes on the market than there were at the same time last year in San Francisco, 70 percent more than there were prior to the pandemic and 130 percent more than there were in early May of 2015, with roughly a quarter of the active listings having been reduced at least once versus closer to 10 percent in the first week of May 2019, prior to the pandemic having hit.
And in terms of sales, the slowdown remains both relative and in the absolute, with the number of homes in contract currently down 13 percent on a year-over-year basis and 2 percent over the past week despite the increase in inventory. We’ll keep you posted and plugged-in.
UPDATE: Number of Homes for Sale in San Francisco Keeps Climbing