New Listing Market Watch - End of Summer

The title is a little misleading here in San Francisco where, from a weather perspective, summer starts after Labor Day when most of us will be thankful that the low cloud and fog that keeps our days gray will be mostly gone and sunshine will return.

A few interesting things to note in this report:

The total number of new listings in the last two weeks is up 9% compared to the same period a year ago (220 vs 201).  We expect new listings to jump significantly the week following Labor Day so it looks like sellers have decided to get a jump on that market.  All of this increase is in the single family home market (105 vs 79).  New listings of condos is down compared to a year ago (115 vs 122).

Compared to the previous two week period the number of new listings is up slightly (220 vs 209).  Again the increase is entirely in the single family home market (105 vs 94).  The number of new listings of condos is the same as in the prior period (115 vs 115).

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The number of new listings going into contract is up compared to both the prior period and compared to the same period a year ago.  For single family homes there were 16 that went into contract compared to 11 in the prior period and 5 in the same period a year ago.  For condos the numbers were 26 for this period, 17 for the prior period and 5 for the same period a year ago.  We interpret this to indicate a strong demand by buyers.

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Finally, the number of price reductions for single family homes remained virtually the same as the prior period (14 vs 13) and up compared to a year ago (14 vs 5).  However, price reductions of condos was down compared to both the prior period and a year ago (16 vs 20 vs 21).