As of this morning, there are 1330 homes available in San Francisco, up 58 from last week. Contingent homes were about the same at 139, and new homes are up by 22 to 193.
In the Condo market, we have 413 listings in the under $1M segment and 574 in the over $1M segment, up by 9 and 22respectively. New listings are down by 8 to 35 in the under $1M segment but up by 4 to 69 in the over $1M segment. Pending listings are down in the under $1M segment by 11 to 27 but up by 10 to 57 in the over $1M segment. Days on Market continues to creep up and is now at 40 days in the under $1M segment and to 34 days in the over $1M segment. The sale price to list price of newly listed condos fell by 5% to 102% in the under $1M segment and fell by 4% to 107% in the over $1M segment. are up a bit in the under $1M segment to 7% above list price and remained at 11% above list price in the over $1M segment.
Single Family Homes
In the Single-Family home market, listings are up by 4 to 32 in the under $1M segment, and up by 17 to 182 in the $1-$2M segment. New homes are up by 7 to 11 in the under $1M segment and up by 18 to 56 in the $1-2M segment. Pending listings are down by 6 to 3 in the under $1M segment but up by 7 to 39 in the $1-$2M segment. Sold homes increased in both categories, up by 5 to 9 in the under $1M category and up by 8 to 34 in the $1-$2M segment. DOM increased by 1 in both segments to 19 and 15 respectively. There was no change in the Sale price to list price in either segment, at 3% above list in the under $1M segment and 17% above list in the $2-$3M segment.
In the luxury Home Market, we saw an increase in availability in the $2-$3M segment, by 4 to 49 and the over $3M segment increased by 2 to 82. New homes were down by 1 in the $2-$3M to 12 but up by 2 to 10 in the over $3M segment. DOM increased by 2 to 13 in the $2-$3M segment, but went down by an astonishing 16 days in the over $3M segment, as 11 listings sold last week, with 6 of them sold within a week of being listed. The $2-$3M segment is also remaining very hot, as the average sale to list price is 19% above list price.
As for the buyer indicators what we are seeing is a continuation of the migration from condos to single-family homes. For example, of the 93 homes with price reductions, 73 were condos. Whereas when we look at the 18 price increases, 10 were condos, and 8 were single-family homes. Also, the DOM for single-family homes was 15 days across all segments, whereas for condos, it was 34 days. Also, the $1-$3M segment is still red hot, with most homes sold within 2 weeks, at 17% above list price, with very few price reductions.
Overall, listings are up a bit, but that hasn’t meant any price relief for buyers. Single Family Homes in the $1-$3M range are still in very high demand and the recent rise in interest rates seems to have had little effect. The one segment that seems to be impacted by the interest rates is condos. DOM is over 1 month in both segments and the newly listed condos' sale price to list price is falling by the week.