Inventory Summary
As of this morning, there are 1210 homes available in San Francisco, this is down by 117 from last week. Contingent homes were down by 22 to 110, and new homes are down again by 66 to 71, marking the second week of a seller pull back, as last week we were down by 56 as well.
Condo Market
In the Under $1M Condo segment, we have 390 available condos, which is down by 23. New listings are down by half at 18. There were no price increases again but there were 25 price reductions, the same as last week. Contingents were about the same at 36 and closed listings were up by 7 to 25. The upward trend for Days on Market continues and we are up to 48 days for this segment. Last we saw a decrease in the sale price to list price, as the average sale price of a newly listed condo is 100% of list price.
In the over $1M condo segment, we are down by 50 condos to 520. New listings were down by 31 to 17. Price increases were down by 4 to 3, and price reductions were down by 13 to 18. 48 homes went contingent last week and 56 homes sold, which is up by 23. Days on Market continues to raise and is up by 2 days to 40. Sale price to list price is also settling a bit and is down by 3% to 106% of list price.
Single Family Homes
In the under $1M Single-Family home market, have about the same number as last week at 31. New homes were down by 5 to 5, with no homes coming back on market, and no price increases. There were 2 price reductions in this segment, and contingents were down by 4 to 5, showing quite the slowdown from the previous few weeks. Days on Market is also on an upward trajectory, up to 17 days this week, up by 3 days. Sales price to list price is still high however, at 117% of list price.
In the $1-$2M single-family home segment, listings were down by 35 to 157. New homes were down by 12 to 20, and back-on markets were down by 3 to 4. There were no price increases but there were 4 price reductions, down by 10. Contingents went up last week, by 23 to 53, but the closed listings were down by 27 to 32. DOM is also up by 3 to 19 days, and the sales to list price is also falling, down 5% to 114% of list price.
Luxury Homes
In the $2-$3 Luxury home market have 4 less homes this week at 45. New homes remained at 7 and there was only 1 home that came back on the market, with no price reductions. Contingent listings were cut in half to 5, and closed listings dropped by 6 to 11. Days on Market is also on an upward trajectory, increasing by 4 days to 18, with the sale price to list price also dropping significantly from 123% of list last week, to 110% of list this week, marking the first noticeable decrease this year for this segment.
In the over $3M Luxury Home segment, we have 7 fewer listings this week than last week at 67. New listings remained the same at 4, and there were no homes back on market or price increases. There was 1 home with a price reduction, and 10 homes went contingent, up by 3. Closed homes were up this week to 14, which was up by 8. DOM for this segment is now over 30 days, which is up from 11 as of the end of May indicating an imbalance in listings and buyers.
Buyer Indicators
As for the buyer indicators we are seeing the price reductions stabilize as sellers are adjusting to the new market and no longer are pricing the homes as aggressively as before. Back on Market’s are still higher than we saw at the beginning of the year but no noticeable trend since April.
Close Out
Overall, listings are down quite a bit from last week but this is typical of holiday weekends, so watch for a boost next weekend as some sellers just held off a week to list their homes. In almost all categories, we saw 2 trends. First, we are seeing an increase in the Days on Market, which now sits at 31 days, the highest it has been for a couple years. We are also seeing a reduction in the sale price to list price of newly listed homes, which is down to 108% as of this week, again, the lowest we have seen this year and it seems to be on a 3 week downward trend.
Looking at the differences between condos and single family homes, condos, the major difference can be seen in absorption rate, there are still only about 1 months’ worth of inventory in the single family home segment, however there are 3 months of condos available.
