These charts show activity by week for the six months ending January 23, 2012 for San Francisco houses, condos, co-ops and TICs.
Units for Sale: Starting to creep up in January, but still an incredibly low level of inventory. As a point of reference, even before the plunge at the end of the year (which is more or less typical during the holidays), inventory was running 25% – 35% below the levels of 2010. So it’s been very low, and it has gotten even lower.
New Listings: New listings typically tail off in late October in preparation for the holidays and then start to climb again in the new year. New listings are indeed starting to come on market in increasing numbers, but they are still far below that needed to meet current buyer demand.
Listings Accepting Offers: The number of active listings going under contract (accepting offers) is climbing as the market wakes up. Considering the low level of inventory, the number of listings accepting offers in the week ending 1/23/12 is very high.
Percentage of Listings Accepting Offers: The 3 earlier charts are summed up below. Very low inventory + very strong demand = a very high percentage of listings accepting offers. In fact, the highest percentage we remember ever seeing. Again as a point of reference, this percentage was much higher in 2011 than in previous years – and now it is going even higher still (though there will be some adjustment down for deals that end up falling through).
Months Supply of Inventory (MSI): This chart won’t be updated for January for another week or two, but it still paints a sharp picture of supply vs. demand as currently exists in the SF homes market. 2 months is very, very low, but in some neighborhoods, we are seeing MSI numbers of 1 month and below – almost unbelievably low.