Inventory of listed single-family homes, condos, and TICs in San Francisco fell 10.6% over the past two weeks to 1,640 active listings. On average, inventory has fallen 9.2% during the same three weeks over the past four years as listing activity around Thanksgiving slows to a crawl (34 new listings last week).
Current listed inventory remains up 30% on a year-over-year basis, up 20% versus the average of the past four years, and up 38% as compared to an average of 2006 and 2007 while listed sales this past October (372) were off by 17% year-over-year.
The inventory of single-family homes for sale in San Francisco is up 44% on a year-over-year basis at 666 while listed condo inventory is up 21% at 974.
Almost half (47%) of all active listings in San Francisco have undergone at least one price reduction while the percentage of active listings that are either already bank owned (114) or seeking a short sale (192) is up to 19%, up 4% 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 Seasonal Listed Housing Slide Underway [SocketSite]
∙ Will Pent-Up Demand Outstrip Pent-Up Supply? [SocketSite]