As of this morning, there are 1327 homes available in San Francisco, down 3 from last week. Contingent homes were down by 29 to 110, and new homes are down by 56 to 137.
In the Condo market, in the under $1M segment, we have the same available listings at 413. New listings are about the same this week at 36. There were no price increases but there were 25 price reductions, down by 9 from last week. Continents are up by 10 to 37 and closed listings are about the same as well at 18. Noticeably, the Days on Market is continuing its upward trend to 45 days, which is up by 5 days.
In the over $1M condo segment, we are down by 4 houses to 570. New listings were down by 21 to 48. Price increases were about the same at 7 and price reductions were down by 8 to 31. Contingents are down by 15 to 42, which is reflective of the downward trend for sold homes, with only 33 last week, down by 23. Days on Market is also continuing its upward trend, up by 4 to 38 days.
Single Family Homes
In the Single-Family home market under $1M, we saw one less new home on the market at 10, and the total homes available reduced by 3 to 29. There was one price reduction this week, and we currently have 9 homes with contingent offers, up from 3 last week. This has brought the median Days on Market down by 5 days to 14. Sales price to list price remains at 103% of list price for newly listed homes.
In the $1-$2M segment, we have a noticeable decrease in listings, down by 24 to 32. Back On Market’s rose by 5 to 7, it’s highest this year. Price reductions also were up by 6 to 14, marking the highest this year for this segment as well. DOM remains steady at 16 days, and the sales price to list price of newly listed homes rose by 2% to 19% above list.
In the Luxury home market from $2-$3M we had no change in available homes at 49 but we did have 5 fewer listings at 7. Pending listings rose by 2 to 10, and closed listings rose by 5 to 17. Days on Market is relatively unchanged at 14 days, but the sales to list price of newly listed homes went up again this week by 4% to 23% above list.
In the over $3M segment, we have 6 fewer listings this week than last week at 74. New listings were also down by 6 to 4, and there were also 6 fewer homes that closed to 6. Days on Market in this segment is slowly raising and is now at 28 days.
As for the buyer indicators we still have an upward trend since March coming in this week at 79. Back on marker homes are staying steady at 19, with no noticeable upward trend this year.
Overall, listings are down 56 from last week, which is not typical for this time in the year when we usually see weekly increases over the summer. Buyer sentiment in the condo marker seems to be fragile, yet the Single-Family Home segments between $1 and $3M still are going fast. Last, the ultra-luxury market seems to be cooling a bit as well.