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).
∙ San Francisco Listed Housing Inventory Update: March 14, 2011 [SocketSite]
∙ SF Listed Sales Volume Up 1.5% In Feb As Medians Continue To Fall [SocketSite]