The number of single-family homes on the market in San Francisco right now is up 90% on last year.
The number of single-family homes on the market in San Francisco…
The number of homes for sale in San Francisco hasn’t been this high since the great recession.
Data reported on SocketSite on Monday reveals that a whopping 1,470 houses and condos are listed in the city right now, up 150% from this time last year. The last time the inventory hit that high was 2010.
Typically this time of year sees a dwindling of inventory before a spike again in the fall, but the unprecedented effect of the coronavirus has turned seasonal norms on their head. With downtown office towers sitting empty and ongoing fears of infection spread on public transit and tight living quarters, many residents are selling their city homes and looking elsewhere.
Conversely, real estate in more spacious, less crowded regions outside of the city is surging as people look to a future of working remotely. Lake Tahoe’s inventory is historically low right now — in June 2019, there were 817 properties on the market and 127 sold in that month. In June 2020 there were only 408 on the market, 212 sold.
The details of the abnormally large inventory in San Francisco show that both condominiums and family homes are sitting waiting for new owners, with 370 single-family homes on the market, up 90% over last year, and 1,100 condos listed this week, up 180%.
Andrew Chamings is an editor at SFGATE. Email: Andrew.Chamings@sfgate.com | Twitter: @AndrewChamings