Good morning, I’m Tim Farnham with Black Label Real Estate and this is your Monday Morning Market Update! In summary, availability is down, contingents are up a bit again, price reductions are down again, and sellers… where did they go?!?!? Check out the links in the description of this video to search for homes in each segment.
As of this morning, there are 1166 homes available in San Francisco, down by around 89 from last week. Contingent homes were up by 17 to 180, and new homes were down by half, from 209 to 103.
In the Condo market, we have 396 listings in the under $1M segment and 522 in the over $1M segment, which is down by 57 from last week. New listings are way down too, from 54 to 25 in the under $1M segment and from 75 to 47 in the over $1M segment. Price decreases were up by 12 to 29 in the under $1M segment but down by 16 to 19 in the over $1M segment. This is indicative of the build up of 1 bedroom condos which seem to be hard to sell lately which makes up most of the under $1M segment, while the 2+ bedrooms make up the majority of the over $1M segment and are fairing much better.
Single Family Homes
In the Single-Family home market, listings were down by 13 to 27 in the under $1M segment and down by 24 to 126 in the $1-$2M segment. New listings were also way down… from 6 to 4 in the under $1M segment and down by 31 to 18 in the $1-$2M segment. Price increases were up in the $1-$2M segment by 4 to 9, and price reductions were down by 1 to 5. However, DOM and sale price to list price remains the same at 7% and 24% above list for new listings.
In the luxury Home Market, we also saw a decrease in listings and availability diminishing fast, down by 16 to 30 in the $2-$3M segment while there is no change in the over $3M segment at 65. However new homes were down in both segments from 16 to 3 in the $2-$3M segment and from 9 to 6 in the over $3M segment. Pending listings were up by 4 to 18 in the $2-$3M segment but down by 6 to 6 in the over $3M segment. DOM and Sale Price to List Price remain the same, with 11 days on market in both segments, and the sale price to list price remaining at 25% and 11% above list respectively.
As for the buyer indicators, there was another reduction in price reductions, from 62 to 55. Also, the Back On Market is down from 14 to 9. This is showing that the sellers are still firmly in control due to the extremely limited inventory.