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Inventory Summary
Good morning, everybody and thank you for watching! In summary, availability is up, contingents are down again, price reductions are down, yet still high, and sellers still remain in control. Check out the links in the description of this video to search for homes in each segment.
As of this morning, there are 1255 homes available in San Francisco, up by around 70 from last week. Contingent homes were down just a touch to 163, and new homes were down by 8 to 209.
Condo Market
In the Condo market, we have 412 listings in the under $1M segment and 542 in the over $1M segment. New listings remained steady at 54 and 75 respectively, down by just one listing in each segment. Pending listings were down by 14 in the under $1M segment, bringing the total to 21, while pending listings increased by 6 to 64 in the over $1M segment. This appears to be a bit of a slowdown in the under $1M segment for buyers, which is explainable since this is the segment that is most impacted by the mortgage rate hikes.
Single Family Homes
In the Single-Family home market, we had 6 new homes listed in the under $1M segment and 49 new homes in the $1-2M segment. This brings the total homes available to 40 and 150 respectively. Pending listings remain fairly steady at 7 and 35 homes in contract. Closed listings are up a tick by 4 to 4 and up by 8 to 37. DOM also remains steady at 16 and 12 days respectively. This $1-2M segment is still very hot, with new listings being sold within 2 weeks at almost 25% above the list price.
Luxury Homes
In the luxury Home Market, we had an overall decrease in listings. In the $2-3M segment we were up by 2 to 16 but down by 8 to 9 in the over $3M segment. No homes went back on market and only 2 price reductions were reported. Pending listings were down slightly in the $2-3M segment by 3 to 14 but up quite a bit in the over $3M segment from 2 to 12. DOM remains very low at 11 days in both segments, and the Sale price to List price of newly listed homes remains at 25% above list in the $2-$3M segment, showing just how strong this segment is.
Buyer Indicators
As for the buyer indicators, we saw a decrease in price reduction in the condo market but, it is still trending upwards with 62 this past week. Single Family Homes under $3M are still very strong, very few price reductions and maintaining an average sale price of 24% above list price for newly listed homes that are sold.
Close Out
Overall, buyer sentiment is still strong in the single-family home market, while enthusiasm for condos seems to be dropping a bit.
