Here is the link to YOUR Monday Morning Market Update.
As of this morning, there 931 homes on the market in San Francisco. This is down by 67 from last week, the sharpest drop in homes we have had all year. The major factor in this is that new home listings were down 43% from the previous week, from 207 new listings to 119 last week. Additionally, contingencies were up, showing no slowdown in buyer sentiment.
AS for the buyer indicators that we have been discussing the last couple weeks, both of these metrics have reduced. Both the Price Reductions AND back-on-Market were significantly down from last week. This shows that the initial interest rate hike took some buyers out of the market, but it seems like there is still a robust group of buyers for new listings.
In the Condo market, we saw a huge drop in listings, down 14 in the under 1M segment to 38, and down 39 in the over 1M segment to 40. This is a 40% drop in new listings since last week. Additionally, pending are up by 19 to 133 across both segments. Surprisingly enough though, the median DOM is nominally up in both categories to 30 days in the under 1M segment and 23 days in the over 1M segment.
Single Family Homes
In the Single-Family home market, we saw another drop in new listings. The under 1M segment went from 11 to 6, while the 1-2M segment is down from 42 to 24. Pending listings are also up a but, but the lack of listings has lowered the total homes under 2M to just 122, from 138. DOM also increased by 1 in both segments to 14 and 12 days respectively.
In the luxury Home Market, we saw another nearly 50% decrease in listings, from 11 to 5 in the 2-3M segment and down from 12 to 6 in the over 3M segment. DOM remains at 12 in both segments.