The net number of single-family homes and condos on the market in San Francisco ticked up another 3 percent over the past week from a 13-year seasonal high, with 7 percent more homes on the market than there were at the same time last year, 50 percent more inventory on the market than average for this time of the year, 80 percent more inventory than in 2019, and 150 percent more homes on the market than there were in mid-April of 2015.
At the same time, the average asking price per square foot of the homes on the market in San Francisco ticked down another percent over the past week to its lowest level since the end of last year, which is 2 percent lower than at the same time last year and 13 percent below peak, despite (mis)reports of a “surging” market, with the benchmark 30-year mortgage rate having ticked back over 7 percent and the expected value of additional rate cuts this year having tumbled, none of which should catch any plugged-in readers, other than the most obstinate, by surprise.
One of the homes on the market that has had it’s asking price lowered recently was that 300 ft.² studio unit in the “most sought after location in all SF” we were talking about last month because the seller was touting it as a financially safer alternative to lower-priced comparable TIC units. At that point the asking price worked out to $2,017 per ft.². In mid-April the asking price was reduced about 5.8 percent to a level corresponding to $1,900 per ft.².