The net number of homes on the market in San Francisco, including both condos and single-family homes, was unchanged over the past week, with a 2 percent drop in listings for single-family homes offset by a 2 percent increase for condos.
While listed inventory levels in San Francisco are 8 percent lower than at the same time last year, they’re 32 percent higher than average for this time of the year, over 100 percent higher than prior to the pandemic, and 190 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 percentage of listings that have been reduced at least once ticked up from 24 to 28 percent and the average asking price per square foot ticked down another percent to around $980 per foot.
Once again, our models project that inventory levels in San Francisco will hit an annual peak this month before trailing off through the end of the year, with an increase in reductions and a further drop in average asking prices, which are already down, none of which should catch any plugged-in readers by surprise.