Real Estate

Inventory of Homes for Sale in SF Trending Up in 2019, Sales Down

Having ended 2018 with around 36 percent more homes on the market in San Francisco than there were at the end of 2017, which is right in line with the ongoing trend that we’ve been tracking over the past couple of years, the number of homes listed for sale in San Francisco has ticked up 28 percent in the new year to 480, which is 47 percent higher than at the same time last year.

At the same time, the number of homes on the market listed for under a million dollars is now running around 70 percent higher on a year-over-year basis and six percentage points higher with respect to the share of all active listings (40 percent versus 34 percent at the start of 2018).

Despite the seasonal culling of unsold listings at the end of 2018, most of which are destined to return to the market as “new” over the next quarter or two, perhaps with “adjusted” pricing, the percentage of listings in San Francisco which have undergone at least one price reduction is now running around 20 percent, up 6 percentage points versus the same time last year.

And the number of homes in contract to be sold is currently down over 20 percent on a year-over-year basis while the average list price per square foot of the homes in contract has dropped to $866, down 9 percent versus mid-January in 2018.

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