In summary, availability is down 18 % and prices are up 15% from this time last year.
As of this morning, there are 1240 homes available in San Francisco, down by around up by 74 from last week but still less than 2 weeks ago. Contingent homes were down 15 to 165, and new homes went up to 225 after the memorial day slowdown.
In the Condo market, we have 403 listings in the under $1M segment and 536 in the over $1M segment, which is up by 21 from last week in total. New listings are back up after the holiday weekend to 46 and 78 respectively. Price reductions decreased in the under $1M segment to 25, but we had a huge increase in the over $1M segment to 35, which is over double from last week. Pending listings are about the same with 98 in total. DOM has been increasing and is now at 37 days in the under $1M segment and 29 days in the over $1M segment.
Single Family Homes
In the Single-Family home market, listings were up to 31 homes in the under $1M segment and to 154 in the $1M-$2M segment. New homes were up by 4 to 8 in the under $1M segment but had a huge increase in the $1M-$2M segment, up by 43 to 61. Price reductions are very low in these segments, with only 2 and 7 respectively. Sales price to list price was up by 2% in the under $1M segment, yet was down by 5% in the $1M-$2M segment to 119% above list.
In the luxury Home Market, there was a rebound in listings from the holiday weekend, up 11 to 14 in the under $3M segment and up by 12 to 18 in the over $3M segment. Surprisingly, price reductions were up to 8 in the over $3M segment, composing of 10 % of the total listings. Additionally, the sales price to list price was down in both segments, by 4 to 21% over ask in the under $3M segment and down by 2% to 9% over ask in the over $3M segment.
As for the buyer indicators, there was an increase in price reductions, from 55 to 78, which is following the upward trend that started in April. This could very well be due to slowing buyer enthusiasm, however on average, we are still seeing the median DOM at under 2 weeks across all segments.