The net number of single-family homes and condos on the market in San Francisco ticked down 6 percent over the past week and is now 18 percent lower than at the same time last year. That being said, listed inventory levels are still 25 percent higher than average for this time of the year, over 60 percent higher than prior to the pandemic and over twice as high as in 2015, despite misreports of “record low inventory levels,” versus new listing activity, both locally and further afar.
And once again, despite misreports of “record low inventory levels,” which one might be led to infer would be driving prices through the roof, the average asking price per square foot of the homes which are on the market in San Francisco ticked down another 3 percent last week and is back under $925 percent square foot, which is over 10 percent lower than at the same time last year, with the average price per square foot of the homes which are actually in contract, the volume of which is down 30 percent on a year-over-year basis in San Francisco, continuing to hover around $900 per square foot, which is 6 percent lower, not higher, than at the same time last year and the index for Bay Area home values down 11 percent, year-over-year as well.
We’ll keep you posted and plugged-in.