November 29, 2010
SocketSite’s Listed San Francisco Inventory Report: 11/29/10
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]
First Published: November 29, 2010 6:30 AM
Comments from "Plugged In" Readers
Well, so much for that selling season. See you after the superbowl.
Posted by: diemos at November 29, 2010 7:05 AM
Surprised that there are only 666 SFHs on the market. Any way to get a break down of the % of SFHs in short sale / foreclosure.
Posted by: eddy at November 29, 2010 10:28 AM
Pent up supply continued to creep up the past two weeks. Currently, 1525 homes are in some state of foreclosure (NODs, NOTS, bank owned) in Ess Eff. This is compared to 1489 homes two weeks ago. Standard disclosures about noise in the data; information deemed reliable but not guaranteed.
Posted by: EBGuy at November 30, 2010 6:29 PM
"...supply continued to creep up..."
EBGuy - I appreciate your diligence on tracking pent up supply. It seems as if pent up supply tends to move slowly whether it be up or down compared to what one would expect due to "natural" effects. Shouldn't the count be more volatile considering the stormy seas affecting the RE economy? From an operations research perspective one would think that there was a bottleneck throttling the flow of properties entering NOD or NOT state. Could it be banking administration that is overloaded and understaffed ?
Posted by: The Milkshake of Despair at November 30, 2010 11:27 PM
My take, from someone who has vague recollections of a traveling salesman, is that we're hitting the second hump in the Ivy Zellman CS chart. Slow, steady, downward pressure. Bear in mind, the foreclosures get sold off it's no small feat for pent up supply to grow (as it appears to be doing). I know, ARMs are resetting to lower rates, but tell it to this guy who's about to make a business decision come recast time...
Posted by: EBGuy at December 1, 2010 11:26 AM