Low Inventory of single family homes

There’s barely a month of inventory of single family homes in both San Francisco and Marin.  Sonoma is doing better with nearly 2 months of inventory.  San Francisco and Sonoma have 64 and 51 single family homes “coming soon”.  Marin has 11.

Marin Fundamentals (May compared to April)

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Number of sales in May was down 8% for single family homes and 12% for condos.

Average selling prices were down 7% and condos were up 3%.

Active listings are up 35% for single family homes and 7% for condos.

 

San Francisco Fundamentals (May compared to  April)

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Number of sales of single family homes was down 11% but basically unchanged for condos.

Average selling prices were up 4% for single family homes and up 2% for condos.

Active listings are up 10% for single family homes and 2% for condos.

San Francisco Fundamentals - next month will be worse

One of the reports we publish is the "San Francisco Fundamentals" report.  It provides a summary of the previous month's sales and a snapshot of the current inventory of available properties.

Compared to February the number of sales in March was up as was the average price of single family homes.  The average selling price for condos was down compared to February. 

But compared to March 2019 the number of sales was down between 10% (single family homes) and 20% (condos).  Average selling prices were uo 3% (single family homes) and 4% (condos).

However, keep in mind that the vast majority of March 2020 sales were in contract prior to the shelter-in-place order was initiated in San Francisco.

Not surprisingly inventory was down overall (condos and single family homes) compared to February.  And, it was way down compared to a year ago:  122 single family homes compared to 193 in 2019; 236 condos compared to 406.

There are more properties with a "hold" or "cancelled" status than there are "active".

Next month will be worse.