True to form, the San Francisco real estate inventory spiked after Labor Day weekend. A total of 157 single-family homes, 167 condos and 45 TICs hit the market, in a variety of price ranges.
Of course, many “new” offerings weren’t really new—just brought back on at revised prices, with new listing agents, or revised staging.
Given that the most popular price range in the city has been anywhere from $400,000-$800,000 this year, the new inventory in the higher price ranges isn’t helping matters for existing high-end home sellers. Of those 157 single-family homes newly listed, 38 are priced at $1.5M or more. And of those 167 condos, twelve are in that range. Prior to Labor Day, there were 132 houses and 61 condos listed at $1.5M or more, so those properties may have to take a back seat for a little while as buyers turn their attention to the latest and greatest offerings.
But those buyers who have been looking for a little while should revisit homes that were on before Labor Day. Those sellers may be most willing to negotiate, especially as the end of the year looms.