Inventory of Active listed single-family homes, condos, and TICs in San Francisco continues to climb having increased 3% over the past two weeks versus an average 2% decline for the same two weeks over the past four years.
Current inventory levels are now up 10% on a year-over-year basis and up 23% versus the average of the past four years (up 27% if you exclude 2009) and up 48% as compared to a 2006/2007 average.
The inventory of single-family homes for sale in San Francisco is up 16% on a year-over-year basis versus a 6% increase for condos. Once again, inventory would be dropping if new demand was increasing faster than new supply although the converse is not necessarily true as listings can simply be withdrawn.
38% of active listings in San Francisco have undergone at least one price reduction and the percentage of active listings that are either already bank owned (87) or seeking a short sale (164) is holding at 14% (up 6% on an absolute 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: 6/14/10 [SocketSite]
∙ Will Pent-Up Demand Outstrip Pent-Up Supply? [SocketSite]