Inventory of Homes for Sale in San Francisco Starts to BuildJanuary 19, 2016
While few homes were listed for sale last week on account of the holiday weekend, and the typical post-Super Bowl surge remains two weeks away, the inventory of homes listed for sale in San Francisco increased 71 percent over the past two weeks to 310 and is currently running 2 percent higher versus the same time last year.
At a more granular level, the number of listed single-family homes on the market (109) is currently 19 percent lower than at the same time last year while the number of listed condos (201), which doesn’t include the vast majority of new construction units, is currently 19 percent higher.
And while the percentage of homes listed for sale with at least one price reduction has dropped to 11 percent, down from 23 percent at the end of November, the drop has been driven by the de-listing of homes that failed to sell in 2015, many of which will be relisted anew over the next couple of month with an official “1” day on the market and no official trace of a reduction.
Expect the pace of new listings and overall inventory levels for homes in San Francisco to climb through June or July before retreating for the annual summer slowdown.