Here is the link to YOUR Monday Morning Market Update.
As of this morning, there are 1006 homes available in San Francisco. Last week there was a decline in listings due to the Easter holiday, but this last week certainly made up for it. New listings were up to 219, up 100 over the previous week. Also, contingent properties were on the decline from 220 to 174, with only a slight increase in closed listings, up 22 from 137 to 159, showing perhaps a decrease in buyers last week due to the holiday.
In the Condo market, we saw a HUGE increase in listings, up 14 to 52 in the under $1M segment and up 49 to 89 in the over $1M segment. There were also a lot more price reductions in this market as week, up 10 to 21 in the under $1M segment and up 16 to 30 in the over $1M segment. That said the new listing sales price to list price stayed the same in both segments at 104% and 114% respectively.
Single Family Homes
In the Single-Family home market, we also saw a rebound in listings, up 3 to 9 in the under 1M segment and up 16 to 40 in the $1-2M segment. There were only a few price increases, price reductions, and back-on-markets, so no major changes there. DOM is still very low at 14 and 12 days respectively. The $1-2M segment is also still showing very strong for the bids above ask, now sitting at 25% above list for the homes in the $1-2M segment. The only noticeable change was in pending listings, down 12 in the $1-2M segment to 35, but again, that was most likely due to the holiday weekend.
In the luxury Home Market, we also saw a big rebound in the new listings, up 10 to 15 in the $203M segment and up 8 to 14 in the over $3M segment. DOM saw little change at 12 and 11 days respectively. Last the Sale price to list price of new listings increased a little bit in the $2-3M segment to 26% above ask and remained at 10% above ask in the over $3M segment.
AS for the buyer indicators, we saw a sharp increase in price reductions, from 40 last week to 69 this week. Could this be an indication that prices are dropping? Or just compensation from last week? We will have to follow this over the next couple of weeks to find out.
Overall, buyer sentiment is still strong, with most listings hitting the market being sold in under 2 weeks.
We saw an increase in listings over the past week and it is in line with the upward trajectory we had been seeing so far this spring. We will be paying close attention to the price reductions over the week, but there seems to be no slowdown in buyers so far this year.