San Francisco Housing Market Update for this week January 30, 2023
Despite a recent increase in housing inventory hitting the market, San Francisco is still facing a housing shortage. This week’s housing market sales numbers show that while there were 48 new single-family home listings and 79 new condo, townhome, and TIC listings, there are still 214 active single family homes and 571 active condos, townhomes, and TICs on the market.
While the number of new listings is promising, it still falls short of what is needed to cover the growing demand for housing in the city. This is reflected in the quick sales, with an average of 36 days on market for single-family homes and 69 days on market for condos, townhomes, and TICs.
Despite this, the city’s real estate market continues to thrive, with 22 single-family homes and 26 condos, townhomes, and TICs going pending and 6 single-family homes and 15 condos, townhomes, and TICs closing transactions.
However, it is important to note that the city still has a long way to go in terms of meeting the housing needs of its residents. Until the housing inventory can catch up with demand, it is likely that the housing market will remain competitive and fast-paced.