Despite a pronounced slowdown in the relative number of condos and single-family homes newly listed for sale over the past couple of quarters, driven by a jump in the cost of debt and sellers being unable or unwilling to accept an ongoing drop in values in order to move, the net number of single-family homes and condos on the market in San Francisco continues to inch up, driven by an even greater slowdown in the pace of sales.
While listed inventory is currently 14 percent lower than at the same time last year, driven by a drop in listings for condos versus single-family homes, it’s still 30 higher than average over the past decade, 60 percent higher than prior to the pandemic and over twice as high as in 2015, with a third of active listings having been reduced at least once and the average asking price per square foot of the homes which are in contract poised to drop back under $900 per square foot.
As we outlined last month: It’s Not Exactly Cheap, but It Is [Getting] Cheaper in San Francisco, none of which should catch any plugged-in readers, other than the most obstinate, by surprise.
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