The fact that the number of homes in contract to be sold in San Francisco dropped another 7 percent over the past week isn’t too surprising considering it was a traditional holiday week. But with the drop, pending homes sales across the city are now 37 percent lower than at the same time last year and 37 percent lower than in 2020 as well.
At the same time, the number of homes on the market in San Francisco jumped 20 percent over the past week to 1,300, representing 22 percent more inventory than at the same time last year, 28 percent of which has been reduced at least once, with 36 percent of the homes on the market in San Francisco now listed for under a million dollars versus 27 percent prior to the pandemic.
As we outlined last month: “Expect inventory levels in San Francisco to jump in September and then continue to climb in October to an annual peak before trailing off through the end of the year but with an increase in reductions.” We’ll keep you posted and plugged-in.