Monday, October 21, 2019

New Listing Market Watch - price reductions up

New listings during the past two weeks declined compared to the prior period (351 vs 403) but all of that decline was in the condo sector (197 vs 264).  The number of single family homes new listings increased (154 vs 139).  We expect to see new listings decline steadily between now and the new year -- it happens every year.


The number of price reductions is up compared to the prior two week period -- 41 single family home price reductions vs 31 two weeks ago; 95 condo price reductions vs 73 two weeks ago. Compared to a year ago condo price reductions are up (95 vs 80) and single family home price reductions are down (41 vs 49). 


The percentage of new listings that went into contract during the past two weeks ticked up compared to the prior period -- 14.3% vs 12.9% for single family homes and 11.2% vs 11.0% for condos.  This is significantly higher than a year ago -- 14.3% vs 9.8% for single family homes and 11.2% vs 6.2% for condos.

After the usual initial increase of new inventory following Labor Day, the number of new listings usually begins to fall off through the remainder of the year.  2019 is following that same trend.  Month over month new inventory has fallen by over 21% which is a bigger decline compared to last year which was only 3%. Combined single family homes and condos inventory is down 6%.

Wednesday, October 16, 2019

At the Beginning the 4th quarter

The San Francisco real estate market remains strong, especially averages selling prices.

Average selling prices for the five configurations of homes we track (which make up approx 60% of all home sales) continue to be at historic highs with only one exception:


*includes condos, co-ops and TICs



Year over year, the total number of sales fell by 6%; single family homes were down by 3% and condos were down by 7%.

As typical after Labor Day, inventory increased month over month by over 5% while single family homes were down by 10% but condos were up 15%.  The largest inventory increase in our record keeping was back in 2010 when a total of 1,229 single family homes and condos were added to the market.  This year that inventory increase was 665.  During the intervening years the increases were in the 400s to 500s range.

Monday, October 7, 2019

New Listing Market Watch - past the peak

Following two two-week periods since Labor Day of increases in new listings, the number of new listings in the most recent two weeks is down  (403 vs 505 in the previous period and vs 441 four weeks ago). 



That's still more than we saw a year ago which posted 383 new listings. The difference is entirely in the condo category:  264 vs 229 a year ago.  There were 10% fewer new listings of single family homes compared to a year ago:  139 vs 154.



The percentage of new listings that went into contract is up slightly compared to the previous period and compared to a year ago.  For single family homes 12.9% went into contract vs 11.5% in the prior period and 9.7% a yea ago.  For condos 11.0% vs 10.5% in the prior period and 5.2% a year ago.



Price reductions for single family homes was the same as the prior period and down compared to a year ago:  31 vs 31 in the prior period and vs 37 a year ago.  For condos there were 73 price reductions compared to 51 in the prior period and 81 a year ago.