The net number of homes on the market in San Francisco, including both condos and single-family homes, ticked up another 8 percent over the past week and has climbed over 30 percent over the past two, driven by an ongoing drop in sales.
As such, while listed inventory levels in San Francisco are still 10 percent lower than at the same time last year, they’re 30 percent higher than average for this time of the year, 80 percent higher than prior to the pandemic, and 170 percent higher than in 2015, despite misreports of “record low inventory levels” and subsequent misanalyses of the market at hand.
At the same time, the average asking price per square foot of the homes which are in contract recently slipped back under $900 per square foot to its lowest level, on a seasonally adjusted basis, in six years, none of which should catch any plugged-in readers, other than the most obstinate, by surprise.
UPDATE: Inventory Levels Tick Up in San Francisco, Poised to Peak