CFAH

While the net number of homes on the market in San Francisco (i.e., inventory) is holding at an effective 12-year high, having peaked a few weeks ago, as projected, the percentage of said homes which have undergone at least one price reduction has ticked up to 37 percent. That’s 13 percentage points, or over 50 percent, higher than at the same time last year and prior to the pandemic having hit as well.

At the same time, the average price per square foot of the homes which are in contract is currently down 4 percent versus the same time last year and just slipped under its marks for 2020, 2019 and 2018 as well.

Inventory levels should start inching down through the end of the year if typical seasonality holds, accompanied by a further increase in reductions and unsold properties being withdrawn from the MLS before returning anew in the spring. We’ll keep you posted and plugged-in.

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