New listings coming onto the San Francisco residential real estate market in the last two weeks has reverted in some ways to "normal". Normal in the sense that during the last 14 days the number of new single family home listings has declined by 39% compared to the prior two week period and condos/TICs declined by 46%. Regardless of what the economy is doing every year we always see this kind of decline from Thanksgiving until after the new year.
But compared to the same period a year ago the number of new single family home listings coming on the market is up 130% and condos/TICs are up 131%. So, not so normal.
Data also shows the number of sales for November (through 11/29) is up 10.4% compared to November last year. (Single family homes are up 16% and condos/TICs are up 7%.
The number of price reductions in the last 14 days are the lowest since July, 2020. There were 21 price reductions of single family homes and 79 reductions of condos/TICs.
The full reports can be found at our website.
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