New Listing Market Watch - the new normal?

In the last two weeks, as expected, new listings were down significantly compared to the prior two week period (142 vs 239) and compared to a year ago (142 vs 314). This affected both condos (94 vs 145 compared to the prior period) and single family homes (48 vs 94).

The total number of active listings at the beginning of April is the lowest it has been since we have kept records.

This graph above is a little difficult to read so let me describe.  The prominent green bars show the total number of active listings at the early part of April for each of the ten years back to 2010.  The faded bars are for each of the other months.

Maybe a little more surprising, the number of price reductions was down compared to the prior period and compared to a year ago.  For single family homes, there were 5 price reductions this period vs 11 in the prior two week period and vs 11 a year ago.  For condos the numbers are 17 this period, 31 in the prior period, and 27 a year ago.

New Listing Market Watch - what now?

This is our first report since the mandatory shelter-in-place order issued by the City/County of San Francisco.

Not surprisingly, the number of new listings was down 16% compared to the same two week period last year, and down 31% compared to the previous two week period ending March 9.

The number of price reductions is up compared to the same period a year ago, mostly focused on condos (31 vs 18 a year ago for condos; 11 vs 9 for single family homes).

Not captured on these graphs but equally important is the number of listings with statuses changed from Active to Hold.  Many other listings have been cancelled.

Corona virus impact

Not much of a surprise ... in the last 24 hours 85 listings have been put on hold and an additional 25 have been cancelled.

For the most part, listings on hold can still be seen by appointment.