Video Link
Here is the link to YOUR Monday Morning Market Update.
Inventory Summary
As of this morning, there are 1068 homes available in San Francisco. This is up from 1006 last week, showing a reasonable gain and as expected as we move further into spring. Contingent homes we up from 174 to 183, which shows strength in buyer sentiment but did not keep pace with the new listings. Closed homes were down just a bit from 159 to 143, which was expected due to the Easter lull.
Condo Market
In the Condo market, WE saw a little bit of a reduction in new listings, down 6 in the under 1M segment to 46 and down 2 in the over 1M segment to 87. There was also a reduction in price decreases, showing buyer sentiment is still very strong in both segments. Sale to list price had no change and maintains at 104% and 113% respectively.
Single Family Homes
In the Single-Family home market, we had a slight increase in listings, down by 3 to 6 in the under $1M segment but up 7 to 47 in the $1-2M segment. DOM remains under 2 weeks in both segments at 14 and 111 days respectively.
Luxury Homes
In the luxury Home Market, we also saw a slight reduction in new listings, down by 1 to 14 in the under $3M segment and down by 5 to 9 in the over $3M segment. Pending listings were down by 3 in both segments to 14 and 9 respectively. DOM remains at 11 days in both segments. Last, the sale price to list price of new listings remains at 26% above list in the $2-3M segment and 11% above ask in the over $3M segment.
Buyer Indicators
AS for the buyer indicators, we saw a sharp decrease in reductions, down from 69 to 52. We also say an increase in back-on-markets from 15 to 20. Overall though, we are still seeing strong buyers.
Close Out
Overall, buyer sentiment is still strong, with most listings hitting the market being sold in under 2 weeks.
We saw a slight decrease in listings over the past week, but still 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.
