For-Sale Home And Condo Inventory Rising In San Francisco
Good news for potential homebuyers. The for-sale home and condo inventory is rising in San Francisco. Single-family homes and condos for sale are up to about 400 as of mid-January, an increase of 30% compared to this time last year, according to SocketSite. This is the highest mid-January total of for-sale homes and condos since 2013.
Condos for sale are 28% higher than this time last year, which is slightly skewed by listings teasing newly constructed units hitting the market. These new condos total about 1,000, 76% higher than this time last year. For-sale single-family home inventory is up 32% to 145 compared to mid-January 2016. Total inventory is expected to increase into the summer.
About 20% of the listings have had at least one price reduction compared to 11% this time last year. Of the for-sale inventory, 36% is listed at under $1M compared to 42% last year. [SS]