Inventory of Active listed single-family homes, condos, and TICs in San Francisco increased a nominal 0.6% over the past two weeks (versus an average gain of 7.5% for the same two week period over the previous three years) and is now running 12.8% higher on a year-over-year basis (flat for single-family homes and up 21.7% for condos/TICs) and 54.2% higher than at the same point in 2006.
Twenty-three percent fewer listings on a year-over-year basis over the past two weeks is partially to blame for the dip, but we continue to see a slight uptick in potential sales activity albeit much less so than over the first two weeks of the month and without any signs of values stabilizing versus continuing to drop.
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 Update: 4/13/09 [SocketSite]
∙ SocketSite’s Residential Real Estate Outlook For 2009 [SocketSite]