New Listing Market Watch -- record numbers of new listings (and price reductions)

Just when you might have thought things might settle down now that we're well past the Labor Day holiday, the number of new listings in the past two weeks has increased to levels we haven't seen in at least seven years.  Total new listings in the last two weeks were 718 of which 259 were single family homes and 459 were condos.  

That total of new listings is 142% of the same period last year and 137% compared to the prior two week period.  

Price reductions have also jumped -- 53 for single family homes and 173 for condos.  

Those numbers are 171% of the number of price reductions for single family homes a year ago and 339% for condos.

You might conclude from these numbers that sales have taken a nose dive.  But one of our other reports shows that the number of closed sales so far for September have exceeded the number that closed for entire month of September last year (140 compared to 127).  Closed sales of condos so far this month are 187 compared to 191 for the entire month last year.  So it appears that the sales rate hasn't changed significantly compared to a year ago -- it's just inventory that has climbed so dramatically.

The full reports can be found at out web site:

www.boldsf.com/Statistics

August Number of Sales and Average Sales Prices

The August 2020 residential real estate market in San Francisco showed some remarkable resilience despite Covid-19.  The number of single family homes closed sales showed a 22% increase over August 2019.  And condos/TICs had a 13.6% increase.  

Changes in average selling prices were mixed for single family homes and down for condos among the five configurations we survey:

It's clear that the large numbers of available inventory since May has impacted the condo/TIC market.  The usual after Labor Day bump up in inventory did happen.  6% more single family homes were added compared to 2019 and condos/TICs jumped 22%.

As expected, with the huge influx of new inventory there has also been lots of price reductions not seen in recent memory.  In the last three 14-day periods there have been over 150 price reductions for condos/TICs in each period.  And, if history repeats itself, the next two 14-day reporting periods should produce similar numbers.

For a full review got to our web site:  www.boldsf.com/Statistics for a complete review of this month's reports.

New Listing Market Watch - the end of summer market

 The number of new listings in the last two weeks eased off from recent highs in the prior six weeks although still above 500 at 524 compared to the prior two week period (553).  Compared to the same period last year (441) new listings were almost 20% higher.

The bulk of new listings continue to be in the condo market.  During the prior two weeks 339 new listings were added compared to 362 in the prior period and compared to 267 a year ago.  There were 185 new listings of single family homes compared to 191 in the prior period and compared to 174 a year ago.

In comparison, 28 single family homes went into contract and 97 changed status to "pending".  Similarly, 59 condos went into contract and 103 went into pending status. 

Similarly, the number of price reductions fell below the records set during the last six weeks.  

And again condos led the way with 149 price reductions compared to 167 in the prior period and compared to 22 a year ago.  Single family homes posted 34 price reductions compared to 48 in the prior period and compared to just 9 a year ago.

Since virtually all of this took place prior to Labor Day we'll be watching closely to see what happens in the next two weeks which, in a normal year, there would be a jump in new listings following the holiday.