As we projected, the number of condos and single-family homes on the market in San Francisco (i.e., inventory) ticked up another 5 percent over the past week and continues to run at a 13-year seasonal high.
As such, there are over 40 percent more homes on the market in San Francisco than average for this time of the year, over 60 percent more homes on the market than there were prior to the pandemic, and 130 percent more homes on the market than there were in April of 2015, despite continued misreports of “low inventory” levels and supply constraints.
At the same, the average asking price per square foot of the homes on the market in San Francisco has ticked down another percent over the past couple of days and is now 5 percent lower than at the same time last year and over 10 percent below peak, but 5 percent higher than the average asking price per square foot of the homes which are in contract, with inventory levels poised to keep rising over the next couple of months, putting additional downward pressure on prices. We’ll keep you posted and plugged-in.