Inventory of Homes for Sale in San Francisco Hits a 5-Year Seasonal High
While the overall number of homes listed for sale in San Francisco slipped a little over the past week, it was a smaller than average dip for the week leading up to the Super Bowl. And the number of single-family homes and condos currently listed for sale in San Francisco now totals 475, which is 45 percent higher versus the same time last year and the highest total for this time of the year since 2012 (at which point there were 705 active listings on the MLS).
At a more granular level, while the number of single-family homes currently listed for sale in the city (155) is now running 28 percent higher versus the same time last year, the number of listed condominiums (320) is 55 percent higher, goosed by teaser listings for new construction units on the market, the vast majority of which are not included in the aforementioned counts and the inventory of which currently totals 1,000 (which is 76 percent higher versus the same time last year).
And in terms of pricing and expectations, 16 percent of the active listings in San Francisco have undergone at least one price reduction (versus 13 percent at the same time last year) and 37 percent of the homes on the market are currently listed for under a million dollars (versus 39 percent at the same time last year).
Keep in mind that inventory levels in San Francisco typically tick up in the week following the Super Bowl and then continue to climb through June or July.