Tracking a couple of trends that shouldn’t have caught any plugged-in readers by surprise, the net number of homes on the market in San Francisco ticked up another 3 percent over the past week and there are now 32 percent more homes on the market than there were at the same time last year.
In fact, listed inventory in San Francisco is now 50 percent higher than average over the past decade, nearly 90 percent higher than prior to the pandemic and nearly 200 percent higher than in June of 2015, driven by a pronounced slowdown in the pace of sales.
At the same time, the percentage of homes on the market with an asking price that has been reduced at least once has ticked up to 28 percent, which is 8 percentage points higher than at the same time last year and 11 percentage points or 65 percent higher than prior to the pandemic.
Keep in mind that springtime inventory levels in San Francisco typically peak in June. We’ll keep you posted and plugged-in.