Having dropped the week prior, in conjunction with the holiday week(ends), the net number of single-family homes and condos on the market in San Francisco ticked back up a (1) percent over the past week but overall listed inventory levels remain around 20 percent lower than at the same time last year, driven by a jump in the cost of debt, back to historical norms, and an associated drop in values that sellers are either unable or unwilling to accept in order to move up, over or out.
At the same time, the percentage of active listings that have been reduced at least once ticked up another two (2) percentage points over the past week to 36 percent, which is six (6) percentage points higher than at the same time last year, with pending sales down 20 percent and the average asking price per square foot of the homes which are on the market having just dropped back under $1,000 per square foot with the average asking price per square foot of the homes which are in contract still hovering around $900, which is around 6 percent lower than at the same time last year. We’ll keep you posted and plugged-in.