While slowed by the holiday weekend, the number of single-family homes and condos currently listed for sale in San Francisco ticked up to 510 over the past two weeks, which is 24 percent higher versus the same time last year and the highest post Presidents Day total since 2012 (at which point there were 718 active listings on the MLS).
At a more granular level, while the number of single-family homes currently listed for sale in the city (170) is currently running about even (up 2 percent) versus the same time last year, the number of listed condominiums (340) is currently 40 percent higher, goosed by teaser listings for new construction units on the market, the vast majority of which are not included in the aforementioned counts and the inventory of which currently totals around 980 and is 50 percent higher versus the same time last year.
And in terms of pricing and expectations, 14 percent of the active listings in San Francisco have undergone at least one price reduction (versus 12 percent at the same time last year) and 37 percent of the homes on the market are currently listed for under a million dollars (versus 39 percent at the same time last year).
Keep in mind that inventory levels in San Francisco typically jump in the weeks following Presidents Day and then continue to climb through June or July.