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November 9, 2016

Most Homes on the Market with Reduced Prices in SF Since 2012

While the inventory of single-family homes and condos listed for sale in San Francisco appears to have peaked two weeks ago, as forecast, there are 38 percent more homes on the market (865) than at the same time last year and twice as many for which the asking price has been reduced at least once (220).

At a more granular level, the number of single-family homes currently listed for sale in the city (345) is currently running 38 percent higher versus the same time last year while the number of listed condominiums (520) is 34 percent higher, but that doesn’t include the vast majority of new construction units, the inventory of which has ticked up to around 1,200 and is now running 80 percent higher versus the same time last year while the pace of sales has slowed.

With respect to those 220 reduced listings, which is the most since January of 2012, that’s 26 percent of all active listings versus 21 percent two weeks ago 18 percent at the same time last year. And of all the homes currently listed for sale in San Francisco, 38 percent are currently listed for under a million dollars versus 40 percent at the same time last year.

Expect listed inventory levels in the city to continue to drop through December before starting to climb anew.

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