The San Francisco market currently reflects a variety of both positive and negative indicators. Among Bay Area markets, the city is seeing the softest recovery from the initial shelter-in-place plunge in activity in early spring, while some other counties – less expensive, more suburban or rural – are experiencing extremely high demand. Within San Francisco itself, supply and demand conditions have diverged dramatically between house and condo markets, with the latter being far weaker and rapidly climbing into “buyer’s market” territory.
The number of listings going into contract has been increasing, but at a much lower rate than inventory is growing. Sales volume is climbing, but is still far below the high points of recent years. Price reductions have been soaring in recent months.