Wednesday, February 3, 2016

New Listing Watch - in Lockstep with Last Year

Our second look so far at the number of new residential listings in San Francisco for 2016 shows an almost lockstep similarity with the same period last year.

There were 84 new single family homes and 134 condos newly listed in the two week period ending 2/1/2016.  An almost identical number and ratio was listed in the same period last year:  18 single family homes and 130 condos.  The only meaningful difference this year is that only 6% of the single family homes went into contract during that same two week period vs. 21% last year.  Similarly with condos, 18 went into contract this year compared to 38 last year.

This could mean a slowing in demand (and competition).  The number of newly listed properties going into contract in the same two week period as they were listed has been less than the comparable period a year ago for the last 15 reporting periods except for 4 (3 for condos).

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