March 28, 2011
San Francisco Listed Housing Inventory Update: March 28, 2011
Inventory of listed single-family homes, condos, and TICs in San Francisco increased 2.3% over the past two weeks to 1,476 active listings. Listed inventory levels have increased an average of 4.7% in San Francisco during the same two weeks over the past five years.
Current listed inventory is closing in on last year's levels, up 2% on a year-over-year basis, up 13% versus the average of the past five years, and up 50% as compared to an average of 2006 and 2007. On the demand side of the equation, listed sales were up 1.5 percent in February with 276 properties sold as the median sale price fell 7 percent year-over-year for single-family homes, down 13 percent for condos.
The inventory of single-family homes for sale in San Francisco is up 15% on a year-over-year basis to 632 homes while listed condo inventory is down 5% to 844 listings.
The percentage of active listings in San Francisco that have undergone at least one price reduction ticked up two points to 32% as the percentage of active listings that are either already bank owned (73) or seeking a short sale (215) sits at 20%, down 1% 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).
First Published: March 28, 2011 8:00 AM
Comments from "Plugged In" Readers
Seriously, where are people finding the money to fuel these purchases? And I'm really surprised inventory isn't skyrocketing. Just a little jest. ;-) Awaiting shadow inventory figures. :-)
Posted by: eddy at March 28, 2011 9:22 AM
eddy: There are several industries, some of them lucrative, that are not experiencing the macro downturn.
Posted by: EH at March 28, 2011 10:55 AM
Also, the people faring best in this recession are those who can afford to buy these places; the pinch hasn't hit lots of SF purchasers in any significant way.
That said, if the economy is affecting the bottom of the market, I'd assume those effects would trickle up to the top sooner or later...
Posted by: dch at March 28, 2011 12:05 PM
Awaiting shadow inventory figures. :-)Not really S.F.-specific, but from the LA Times today, Unlisted 'shadow' supply of 1.8 million homes looms over housing market:
A supply of 1.8 million homes either owned by banks or poised for foreclosure potentially hangs over the nation's real estate market, according to data released Wednesday.Presumably someone with access to CoreLogic's data could tease out a S.F-specific subset, but I haven't seen anything that suggests that the SFMSA has a shadow inventory substantially less than the national median. If I'm wrong, please point me at a source.
This "shadow inventory" of residential real estate — property that is in foreclosure, has a loan 90 days past due or has been taken back by a lender and is not yet listed for sale — stood at a nine-month supply at the end of January, according to Santa Ana research firm CoreLogic.
That was a decline from an estimated 2 million units in January 2010. However, because the sales pace remains so weak and prices are on the decline again, a large shadow supply could affect the market for the foreseeable future, holding back any recovery.
Posted by: Brahma (incensed renter) at March 30, 2011 12:13 PM
Pent up supply appears to be holding steady over the past couple of weeks. Currently, 1522 homes are in some state of foreclosure (NODs, NOTS, bank owned) in Ess Eff. This is compared to 1538 homes two weeks ago. Standard disclosures about noise in the data; information deemed reliable but not guaranteed.
Posted by: EBGuy at March 30, 2011 12:22 PM