Inventory of Active listed single-family homes, condos, and TICs in San Francisco declined 10.3% over the past four weeks which is not to be unexpected leading up to Labor Day weekend. Listed inventory is currently running 1.5% under last year’s levels on a year-over-year basis (down 17.3% for single-family homes, up 11.2% for condos/TICs) and 12.7% higher than at the same point in 2006.
Roughly 37% of active listings in San Francisco having undergone at least once price reduction with the percentage of active listings that are currently either already bank owned or seeking a short sale hovering around 12%. Expect listed inventory levels to quickly jump around 20% after Labor Day.
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: 8/03/09 [SocketSite]