In a “normal” year the 14-day period following Labor Day brings one of the largest increases of new inventory coming onto the San Francisco residential real estate market. This year was no exception with 281 single family homes and a whopping 536 condos/TICs having been added.
Compared to the
previous 14-day reporting period there were 147 single family home and 187
condos/TICs added. That’s a 91% increase
in single family homes and 187% increase for condos/TICs.
For a similar 14-day period in 2020 there were 250 single family homes and 459 condos/TICs that were added. That is an 8% increase for single family homes and 17% increase for condos/TICs.
The influx of new inventory into our market will provide buyers with more opportunities with about 1.6 months of available inventory for single family homes and 3.6 months of inventory for condos/TICs. And with such a large number of available listings it has also brought 30 price reductions in single family homes and 78 price reductions in condos/TICs.
If the pace of sales holds we are on track to have the largest number of closed sales since 2013.
The full report can be found on our web site.
