Inventory of Active listed single-family homes, condos, and TICs in San Francisco dropped 2.1% over the past two weeks on new sales, a slowdown in new listings and a seasonal culling of listings that haven’t moved. On average, inventory has dropped 5.3% during the same two weeks over the past four years. Expect the volume of new listings and available inventory to spike in the weeks following Labor Day.
Current inventory levels remain up 18% on a year-over-year basis and up 21% versus the average of the past four years, up 22% if you exclude 2009, up 36% as compared to an average of 2006 and 2007.
The inventory of single-family homes for sale in San Francisco is up 31% on a year-over-year basis versus an 11% increase for condos.
37% of all active listings in San Francisco have undergone at least one price reduction and the percentage of active listings that are either already bank owned (92) or seeking a short sale (178) is 17%, up one percentage point but with no substantive change on an absolute basis over the past two weeks.
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: 8/16/10 [SocketSite]
∙ A New High For Distressed Listings In San Francisco [SocketSite]