The net number of single-family homes and condos on the market ticked up another (1) percent over the past week with the number of new listings having outpaced sales.
As such, while only one (1) percent higher than at the same time last year, listed inventory levels in San Francisco remain at a 13-year seasonal high, with nearly 80 percent more inventory on the market than prior to the pandemic, 30 percent more inventory on the market than average for this time of the year, and 140 percent more homes on the market than there were in May of 2015.
At the same time, the average asking price per square foot of the homes on the market in San Francisco is now running 2 percent lower than at the same time last year, not higher, and over 10 percent below peak, with the percentage of listings that have been reduced at least once nearing 30 percent and the average asking price per square foot of the homes in contract having dropped and employment on the decline, despite (mis)reports of a “surging” market, “pivot,” “boom,” or rebound.
Expect inventory levels to keep ticking up over the next month or two, putting additional downward pressure on prices, before taking a breather in August. We’ll keep you posted and plugged-in.
San Francisco’s housing market shift: increased listings, falling prices.