Despite a seasonal uptick in sales in the absolute and year-over-year drop in new listing activity, the net number of single-family homes and condos on the market in San Francisco climbed 6 percent over the past week and continues to trend higher.
While overall inventory is still 6 percent lower than at the same time last year, driven by a drop in listings for condos, there are over 35 percent more single-family homes on the market than at the same time last year in San Francisco, with the most single-family homes on the market, for this time of the year, in over ten years (which shouldn’t catch any plugged-in readers by surprise) and over 40 percent more inventory than average over the past decade, with a jump in price reductions and associated drop in the average asking price per square foot, which has been trending down.
We’ll keep you posted and plugged-in.