San Francisco Housing Inventory update

by sfishome on April 4, 2012

San Francisco Housing Inventory update as of April 4th, 2012

There are 651 houses, condos, TIC’s, lofts and co-ops listed on the San Francisco MLS today. That is astoundingly low for any point during the highest selling season of the year which tends to be March through May with April being the “it” month.

The one reason I haven’t mentioned for such low inventory in San Francisco (prior thoughts were on why Sellers are holding back their homes), is just how many San Francisco homes are selling immediately. So let’s take a look.

I only had to go back to February 17th to come up with 664 homes and condos sold in San Francisco. So we have 44 days of inventory or one and a half months supply of homes. For the rest of the country they say a balanced market is 6 months supply. In San Francisco we always seem to be in a Seller’s market, and 3 to 4 months supply is par for the course. But 1.5 months? Wow.

What’s more, there are 975 homes in contract. I don’t recall ever seeing the number of in-contract homes surpassing those actively For-Sale. And yet it is nearly 50% higher. That is stunning.

And today I write yet another offer for a buyer with an offer deadline of tomorrow. I must have slipped into the hot tub time machine and found myself in 2004. Those were not fun times for buyers, but Sellers were sure living it up. Come on would-be sellers, give me a call. My buyers really, really want to hear from you.

{ 2 comments… read them below or add one }

kathy May 4, 2012 at 7:22 pm

A significant number live here until they die, at which point the heirs continue to live here. Once you move, it’s unlikely that you can ever get back in if you should change your mind. During the Dot-Com era, around 2000, many residents took advantage of higher prices and sold out, only to regret it later. Also, landlords saw it as a good time to dump rental homes, so there are far fewer now. Mainland Chinese are now flocking here, taking advantage of SF’s lax immigration policies and the ease of assimilating into an established Chinese culture, free or reduced medical care, low tuition, rent control, etc. It’s just a good place to be.

Aaron July 23, 2012 at 7:43 am

Kathy: The Chinese in San Francisco are almost all Cantonese, from Hong Kong. They are culturally distinct from, and don’t even speak the same language as, the majority of Chinese in Mainland China.

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