While the number of San Francisco residential sales in the 2021
4th quarter was one of the highest in years it appears the this year’s 4th
quarter will be among the lowest. It’s
already clear that this year’s 4th quarter will be the lowest of all four quarters
in 2022. Last year there were 1,879
closed sales in the 4th quarter (801 single family homes and 1,078
condos/TICs). This year so far (through
December 5th) there have been 804 closed sales (380 single family
homes and 424 condos/TICs).
There are also currently 159 single family homes in contract
and pending and 177 condos/TICs for a total of 336.
As mortgage rates climb competition has almost disappeared
and negotiations have become commonplace, particularly over selling price. Comparing average selling price during the
first three quarters of 2022 for the five categories we survey monthly vs. the
average selling price from October 1r 2/1 single family homes declined by 8%,
3/2 single family homes declined 14%, 1/1 condos by 8%, 2/1 condos by 6% and
2/2 condos by 8%.
Even with the normal inventory withdrawls and cancellation which
we typically see following Thanksgiving, there is still plenty of inventory on
the market: 5 weeks of single family
home inventory and about 9 weeks of condo/TIC inventory.
