A deluge of homes for sale has just washed over the market in San Francisco with more likely to come in next couple of weeks.
The uptick in inventory in the housing market was expected as fall approaches, but it has taken place as the industry waits on the outcome a highly anticipated Federal Reserve meeting on Wednesday.
New weekly MLS data revealed that active units in the city — which includes all types of housing — rose from about 1,000 units at the end of August to 1,234 as of the week of Sept. 11. Specifically for condos, that number rose dramatically, from just 30 condos listed over the prior seven days at the end of August to 185 posted last week for the beginning of September. For single-family homes, that number rose from 40 homes listed at the end of August to 110 homes over the past week.
Meanwhile, combined data of both active and sold listings shows that number rising from 80 at the end of August to 319 in the week after Labor Day.
“There is much more for our buyers to look at,” said broker Nina Hatvany with Compass. “In terms of our own inventory, we have had four listings go into contract in this last week alone — a noticeable change of pace from the summer months. One listing in Bernal Heights had been on the market for four months and finally found a buyer close to the asking price.”
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