Inventory of listed single-family homes, condos, and TICs in San Francisco increased 8.2% over the past two weeks establishing a new five year high. On average, inventory has increased 5.1% during the same two weeks over the past four years.
Current listed inventory is up 30% on a year-over-year basis, up 20% versus the average of the past four years, and up 30% as compared to an average of 2006 and 2007. At the same time, listed sales in August (362) were down nearly 30% on a year-over-year basis, the slowest August in San Francisco in well over a decade and versus a 13% year-over-year drop in listed sales in July (385).
The inventory of single-family homes for sale in San Francisco is up 35% on a year-over-year basis to a five year high of 786 while listed condo inventory is up 26% to 1,159.
34% 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 (179) is 14%, up 6% 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).
∙ San Francisco’s Listed Inventory Spikes As Listed Sales Slide [SocketSite]
∙ San Francisco Listed Housing Supply Hits New High [SocketSite]