Inventory Levels Drop in SF, Reductions Poised To Rise

5e71c SF Inventory Chart 11 09 20 Inventory Levels Drop in SF, Reductions Poised To Rise

As was to be expected, the number of homes on the market in San Francisco, net of new sales and contract activity, both pending and closed, ticked down another 3 percent over the past week to 1,790, which is down 11.1 percent from a two-decade high in the absolute last month with typical seasonality in play but still over 90 percent higher than at the same time last year.

On a more granular level, the number of condos on the market, which remains a leading indicator for the market as a whole, now totals 1,380, representing 125 percent more inventory than at the same time last year, while the number of single-family homes on the market has dropped to 410 but remains 30 percent higher, year-over-year.

And having hit a 10-year high in the absolute last month, the percentage of homes on the market which have been reduced at least once, which now includes 31 percent of the single family homes, is holding at 35 percent, which remains the highest percentage of reduced listings since the first quarter of 2012 and 7 percentage points higher than at the same time last year.

Expect inventory levels to continue to drop over the next two months, and reductions to rise, before climbing again in January.

Article source: http://socketsite.com/archives/2020/11/number-of-homes-on-the-market-in-san-francisco-has-dropped.html

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