The net number of single-family homes and condos on the market in San Francisco was unchanged over the past week and remains 1 percent higher than at the same time last year and 25 percent higher than average for this time of the year.
At the same time, the average asking price per square foot of the homes on the market in San Francisco dropped another 2 percent and is now over 8 percent lower, not higher, than at the same time last year, helping to close a (mis)expectation gap that was on the rise, with the percentage of reduced listings having freshly ticked up and nearing 35 percent, none of which should catch any plugged-in readers by surprise.
Once again, “inventory levels should tick (back) up over the next month or two if historical patterns hold, putting additional downward pressure on prices, before taking a breather in August.” And as always, we’ll keep you posted, plugged-in and ahead of the curve.
UPDATE (7/8): The net number of single-family homes and condos on the market in San Francisco dropped around 10 percent over the past holiday week, driven by a drop in new listing activity (supply), not a jump in sales (demand), with typical seasonality in play.
As such listed inventory levels are starting the week 1 percent lower than at the same time last year but 25 percent higher than average for early July, with the average asking price per square foot of the homes on the market in San Francisco having inched up in the absolute but down on a seasonally adjusted basis and now closer to 9 percent lower, not higher, than at the same time last year, helping to further close a (mis)expectation gap that was on the rise, with the percentage of reduced listings having freshly ticked up and holding at just under 35 percent.
It’s actually wild opening up Redfin and seeing so many homes on the market in SF.
UPDATE (7/8): The net number of single-family homes and condos on the market in San Francisco dropped around 10 percent over the past holiday week, driven by a drop in new listing activity (supply), not a jump in sales (demand), with typical seasonality in play.
As such listed inventory levels are starting the week 1 percent lower than at the same time last year but 25 percent higher than average for early July, with the average asking price per square foot of the homes on the market in San Francisco having inched up in the absolute but down on a seasonally adjusted basis and now closer to 9 percent lower, not higher, than at the same time last year, helping to further close a (mis)expectation gap that was on the rise, with the percentage of reduced listings having freshly ticked up and holding at just under 35 percent.