Number of Homes on the Market in San Francisco Ticks Down
The number of homes on the market in San Francisco (950) ticked down 6 percent over the past week as is typical for this time of the year. But overall inventory levels remain 1 percent higher on a year-over-year basis and are holding at an 8-year seasonal high.
At a more granular level, the number of condos listed for sale in the city (630) is currently running 4 percent higher than at the same time last year while the number of single-family (320) is 4 percent lower. That being said, keep in mind that the number of single-family homes on the market in San Francisco jumped nearly 60 percent from early November 2017 to early November 2018 (versus a mere 31 percent increase for condos).
At the same time, while the percentage of active listings which have undergone at least one price reduction has ticked down 1 percentage point to 25 percent, that’s 2 percentage points higher than at the same time last year despite a growing number of unsold properties having been relisted anew with a reduced asking price, but no official reductions according to MLS-based stats and the percentage of homes on the market with a price tag of a million dollars or less has ticked up another point to 27 percent but remains 6 points lower than at the same time last year.
Expect inventory levels to continue to drop through the end of the year and the prevalence of reductions to rise.