New Listing Market Watch - Summer Starts

Summer may have begun officially on June 21st but in San Francisco real estate the summer season usually starts just before the 4th of July holiday. The number of new listings declines significantly and the number of price reductions increases temporarily.  This year follows that trend.

During the last two weeks (the last half of June) the number of new listings dropped to 236 compared to 323 in the prior period (the first half of June).  The bulk of the reduction was in condos (128 vs 196 in the previous period).  New listings of single family homes fell to 108 vs 127 in the prior period.

The number of price reductions was almost the same as the prior two weeks (20 vs 16 reductions in single family homes and 32 vs 43 in condos).  This year the significant increase in price reductions happened in the first half of June.

Te number of new listings that went into contract stayed just about the same as the previous period:  20 single family homes vs 21 two weeks earlier and 32 condos vs 34 in the prior period.

The full report is posted on our web site:
www.boldsf.com/Statistics