The net number of condos and single-family homes listed for sale in San Francisco ticked up 4 percent over the past week. While 6 percent lower than at the same time last year, inventory levels are 35 percent above average for this time of the year and 60 percent higher than prior to the pandemic, and the aforementioned year-over-year deficit is likely to evaporate after the Super Bowl.
At the same time, pending sales remain 4 percent lower than at the same time last year and down 50 percent over the past three, with the average price per square foot of the homes which are in contract down 10 percent and asking prices down over 10 percent from peak and 6 percent lower than at the same time last year. We’ll keep you posted and plugged-in.
I saw a house listed last year for over $11,000,000 which was a fairly large jump in what Zillow estimated it to be worth. When the Zestimate dropped to around $5,500,000 the house was promptly offered for rent. Then the rental price was cut by $4,000/month after a few days. People seem to be having trouble coming to terms with the fact that prices have come down, significantly in some cases. I wonder how many houses are being offered for rent in hopes that the market will come roaring back?
Down? One-bedrooms are still fetching over $1,200 per square foot!
Commerical Rental Real Estate is beginning to eat it (Mosser defaults on $88M loan linked to 12 apartment complexes in SF). Also, insurance firms backing out from insuring old homes ( Why older homes are losing coverage amid California’s insurance crisis ).
UPDATE: Despite being an historically slow week, particularly with the 49ers playing in the Super Bowl, the net number of condos and single-family homes listed for sale in San Francisco inched up another 2 percent over the past week and listed inventory levels are back to within 3 percent of their mark at the same time last year. And as we outlined last week, “the aforementioned year-over-year deficit is likely to evaporate after the Super Bowl.”