The net number of homes on the market in San Francisco ticked down 8 percent over the past week, driven by typical seasonality, with 9 percent fewer homes on the market than there were at the same time last year.
That being said, there are still 40 percent more homes on the market in San Francisco than average for this time of the year, with 50 percent more homes on the market than there were prior to the pandemic and over 150 percent more home on the market than in December of 2015, despite continued misreports of “low inventory levels” and subsequent misanalyses of the market making the rounds, with the percentage of active listings that have been reduced at least once having ticked up another point to 40 percent, which is one (1) point higher than at the same time last year and should continue to climb over the next few weeks.
And with the uptick in reductions, the average asking price per square foot in San Francisco, which was already down over 10 percent, ticked down another percent over the past week with pending sales down 10 percent on a year-over-year basis and still down around 50 percent over the past two years.
The Oak, at 1554 Market St. is officially switching from sale to lease of new units. That would remove approx. 100 units from the for sale inventory. SF chron said it was impacted by “blight”. Its new construction so that must be reference to neighborhood street issues?
Our database and inventory level tracking already reflects that change.