Inventory Levels Tick Up in San Francisco, Price Per Foot Down

The net number of single-family homes and condos on the market in San Francisco ticked up another 2 percent over the past week but remains 11 percent lower than at the same time last year, driven by an ongoing slowdown in new listing activity (supply), particularly for condos, versus an uptick in sales (demand).

At the same time, the percentage of listings that have been reduced at least once having ticked up to 34 percent, which is 7 percentage points higher than at the same time last year, with an average asking price per square foot hovering around $1,000 per square foot while the average asking price per square foot of the homes which are in contract having dropped to just over $900 per square foot, which is 8 percent lower than at the same time last year. We’ll keep you posted and plugged-in.