The net number of homes on the market in San Francisco ticked another 6 percent over the past week from what was already a higher 11-year seasonal high to nearly 1,300 listings, driven by a pronounced slowdown in the pace of sales, trends which shouldn’t have caught any plugged-in readers by surprise.
As such, there are now nearly 40 percent more homes on the market in San Francisco than there were at this time last year, 80 percent more than there were prior to the pandemic, and 150 percent more than there were in June of 2015. At the same time, the average list price per square foot of the homes which are in contract has ticked down 4 percent over the past 4 weeks to $969 per square foot, which is 2 percent lower than at the same time last year.
Keep in mind that springtime inventory levels in San Francisco typically peak in June. We’ll keep you posted and plugged-in.