Saturday, February 9, 2013

Inventory Surprise

Something very odd happened on Friday -- 78 new listings hit the market in the previous 24 hours.  That's 15% of the then current total of 526 active condo and single family home listings in San Francisco.

Every real estate agent and most prospective buyers have been complaining / moaning about the lack of inventory for some months now.  Is this sudden uptick in listings an anomaly or the beginning of a trend?  Of course we won't know for a few weeks.  On the one hand, this could just be the beginning of the usual spring increase in listings which happens very predictably every year, boom or bust.  Or, this could be an indication that sellers are realizing it has been a sellers market for a while now and thinking they better take advantage of strong buyer demand while they can.

Stay tuned.

One thing is certain, the number of single family homes and condos/TICs that have sold in the last few months is back in the same territory as the boom years 2005-2007:

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