With the number of homes on the market in San Francisco, net of new sales and contract activity, having effectively plateaued over the past couple of weeks but poised to jump again in September, the number of homes on the market with an asking price that has been reduced at least once (470) is now over 450 percent higher than at the same last year (90) and holding at a 9-year high in the absolute.
Despite some misinformation making the rounds, the reductions are evenly distributed between single-family homes and condos on a relative basis, with 29 percent of the homes on the market having been reduced at least once and 30 percent of the condos.
And despite all the reductions to date, the average list price of the homes on the market is now running over 8 percent higher, on a price per square foot basis, than for the homes which are in contract, which is up from closer to 5 percent two weeks ago.
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September 01, 2020 at 12:48AM
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Reductions Poised To Rise, Along With Inventory, in SF - SocketSite
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