Sales and Listing Activity Tick Up in San Francisco, Prices DownMay 9, 2023
While the pace of home sales in San Francisco ticked up over the past week so did new listing activity. As such, overall inventory levels were effectively unchanged in the absolute but 10 percent lower than at the same time last year, driven by a drop in the number of condos on the market while the inventory of single-family homes is still 50 percent higher than at the same time last year, with the most single-family homes on the market in San Francisco in over ten years on a seasonally adjusted basis, which shouldn’t catch any plugged-in readers, other than the most obstinate, by surprise .
Despite the uptick in sales, however, there are still over 40 percent fewer homes in contract than there were at the same time last year, with an average price per square foot that’s 8 percent lower than at the same time last year and trending down and over 30 percent of the homes still on the market having been reduced at least once, including some rather dramatic reductions in asking prices and expectations.
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