Here is the link to YOUR Monday Morning Market Update.
As of this morning, there are 1119 homes available in San Francisco. This is up from 1088 last week, showing a reasonable gain and as expected as we move further into spring. Contingent homes were steady at 180. New homes were down just a bit overall from 209 to 190. Sold homes were up from 143 to 171, as buyers returned to buying after Easter.
In the Condo market, we have more listings than last week, up 8 to 372 in the under 1M segment and up 16 to 513 in the over 1M segment. New listings were up a bit in the under 1M by 5 to 51 but down by 7 to 80 in the over 1M segment. There was a substantial increase in price reductions, up 11 to 31 in the under 1M segment and up 17 to 40 in the over 1M segment. For those buyers not wanting to get into a bidding war, I would highly recommend these homes as it could make for a quick sale. That said, homes that sold within 30 days of list still averaged 5% and 11% above list price respectively. Additionally, we saw a sharp decrease in the median DOM in the over 1M segment, down 7 to 17 days.
Single Family Homes
In the Single-Family home market, we had a decrease in listings in the under 1M segment, down by 3 to 3. Also, in the 1-2M segment, we have another decrease in new listings, down 14 to 33. No significant changes in Back on Market, Price Increases, or Price Reductions. However Pending listings were down by 6 to 8 in the under 1M segment. Sale price to list price is still holding strong at 7% and 24% above the asking price in their respective segments.
In the luxury Home Market, we saw an increase in inventory, up 6 to 38 in the 2-3M segment and up 3 to 58 in the over 3M segment. 1 home went back on the market in the 2-3M segment and 3 homes in the 2-3M segment. Price increases, price reductions, and pending were all similar to last week, with the only real change in the closed, up 3 to 26 in the 2-3M segment and up by 9 to 16 in the over 3M segment. Final sale price to list price in these segments were unchanged, at 26% and 11% above list in their respective segments.
AS for the buyer indicators, we saw a sharp increase in price reductions this week. Most of them come in the condo segments. Showing a possible buyer slow down for these homes. Also, back on markets were up overall by 6 to 26, but this is in line with the growth of listings and is normal for the season.