It has been three weeks since Labor Day and new listings of single family homes, condos, and TICs continue to outpace sales in San Francisco (although the gap has narrowed). Over the past week, roughly 230 new listings hit the MLS and the inventory of Active listed units in San Francisco increased about 2.2%. The percentage of reduced listings is holding relatively steady at ~19%.
Based on last months sales, we’re looking at about 2.5 months of listed inventory. And as always, these figures only take into account Active listed inventory (but that’s all about to change). Be sure to “plug in” tomorrow for the launch of SocketSite’s Complete Inventory Index (Cii).
∙ SocketSite’s San Francisco Inventory Update: 9/05/06 [SocketSite]