Number of Homes Listed for Sale in San Francisco Starting to Climb

by SocketSite

Muted by the holiday weekend, the net number of homes on the market in San Francisco (615) was relatively unchanged over the past week but remains 28 percent higher than at the same time last year, 76 percent higher than at the same time in 2015 (350) and a 7-year seasonal high.

At the same time, the percentage of listings in San Francisco which have undergone at least one price reduction has ticked up to 16 percent versus 13 percent at the same time last year.

And the number of homes in contract to be sold is currently down 17 percent on a year-over-year basis while the average list price per square foot of the homes in contract is running around $930, down 1 percent versus the same time last year.

Expect inventory levels in San Francisco to climb through June, followed by a typical summertime lull and peak in the fall.