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Inventory Summary
Good morning, everybody and thank you for watching! In summary, availability is up, contingents are down, price reductions are up, yet sellers remain in control. For this week, I added links in the description of this video to search for homes in each segment.
As of this morning, there are 1165 homes available in San Francisco, up by around 50 from last week. Contingent homes were down just a touch to 165. New homes were up by 27 to 217.
Condo Market
In the Condo market, we are up by just a few listings at 398 and 524 in the under $1M segment and over $1M segment respectively. However, pending listings were down again AND the price reductions are up, showing a reluctance for buyers in the condo market overall. However, the sale price to list price of newly listed condos remains at 5% and 10% above list price. So if you are a buyer in this market, there are plenty to chose from without getting into a bidding war.
Single Family Homes
In the Single-Family home market, we had 55 new listings, up 19 from last week. Price reductions remain low at 10 and the median days on market is still under 2 weeks. The $1-$2M segment remains the strongest with only 12 days on market and homes selling for 24% above list price.
Luxury Homes
In the luxury Home Market, we had a flurry of new listings in the over $3M segment, up 10 to 17 with 105 homes available. Days on market remain under 2 weeks in this segment as well. Also the sale price to list price in the $2-$3M segment remains high at 25% above list price for newly listed homes.
Buyer Indicators
As for the buyer indicators we had another increase in price reduction in the condo market, which is a great opportunity for those returning to the office and wanting to live closer to work. Single Family Homes are still very strong, with another reduction in price reductions and still selling for 25% above list price in the $1-$3M segments.
