Despite a slowdown in the number of homes that have been newly listed for sale over the past month, the net number of homes on the market in San Francisco, a.k.a “inventory,” has increased by double digits as the pace of sales has declined even more.
As such, there are now 30 percent more homes on the market than there were at the same time last year, listed inventory in San Francisco is nearly 60 percent higher than average over the past decade, over twice as high as prior to the pandemic, and three times as high as in June of 2015.
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 another percentage point to 29 percent, which is 10 percentage points higher than at the same time last year and 13 percentage points or over 80 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.