As expected, inventory of Active listed single-family homes, condos, and TICs in San Francisco jumped over the past two weeks (15.5% versus an average of 25.8% for the same two weeks in the past two years). Listed inventory is currently running 9.7% higher on a year-over-year basis.
The standard SocketSite Listed Inventory footnote: Keep in mind that our listed inventory count does not include listings in any stage of contract (even those which are simply contingent) nor does it include listings for multi-family properties (unless the units are individually listed).
∙ SocketSite’s San Francisco Listed Housing Inventory Update: 9/02/08 [SocketSite]
inventory is not so high. Sellers are frightened, but not desperate?
@curmudgeon
perhaps. or, perhaps they keep hearing media reports of “nearing a bottom”, “recovery in mid 2009”, etc, and believe they have the means to ride things out (and that things won’t be getting significantly worse from here).
good on them if that perspective is right… and obviously bad on them if (as i for one believe) it’s not.
Near the bottom? I read a lot more “there is a long way to go” then “nearing a bottom”.
Did any one notice how many active listings are there in dist 7 on laguna street? I counted 7-8 of them, what is wrong with Laguna street??
In looking at the SF condo numbers, unless there is a sea change, the bottom has passed six months ago and things have gotten steadily better since then. I know past performance doesn’t predict the future but anyone saying the condo market here has done poorly here is flat-out ignoring the numbers or has never looked at them.
August and July were quite good months in terms of SF condo sales in unit volumes (68% & 54%, respectively, above the low point in March ’08). And this is for units all over the city, not just new construction.
Medians have also increased and are higher than prior years (very close to an all time high).
Finally, there is very little inventory today in quality pre-existing buildings. Certainly there has been no substantial increase from August to September if you exclude new development. Just take a look at units for sale by building and there is not much on the market (some decent buildings have zero units for sale). Should be an interesting season.
anon, i think we need to see the socketsite CII to know about true inventory.
Socketsite, any updates on timing of next CII?
haha Spencer you always ask that…keep at them!!
yes, and the editor answered onc that it would be in August.
Dr. Mr. Editor, any updates?