As fall approached, the city of San Francisco saw an increase in the number of new single-family listings during September, one reason why overall inventory reached two months of supply-- the highest level since October 2014. A rise in new listings indicates that year-over-year price appreciation (14.6 percent) and the quickness at which homes are selling (an average of 25 days) has motivated more owners to sell at a time of year when a seasonal slowdown in sales typically occurs. According to the San Francisco Association of Realtors (SFAR), there were 274 new single-family listings in September, which was the most active month for new listings in the past 12 months. The number of overall active listings in September also reached an 11-month high, with 398 homes on the market. The rise in overall active listings is being affected not only by a spike in new listings but also by a decline in pending sales activity. In September, single-family pending sales volume...
- Price appreciation may be influencing more owners to sell, but may be pricing some buyers out of certain districts at the same time
- The district with the lowest median price is also the district that has seen the most pending sales
- Will an increase in supply combined with a drop in sales activity curb price appreciation?
Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel