San Francisco’s Supply of Homes Drops in $2mil-$3mil Range

After a big run up in supply of homes priced between $2mil – $3mil in April (the supply doubled in a months time to 6.9 months of inventory), the supply line has shut down somewhat along with a number of purchases and this has dropped the home inventory for this price range to 4.7 months as of the end of May. I haven’t noticed much coming on yet in June so I suspect that when the new numbers are released at the beginning of July we’ll see another drop in the supply.

I do know of several homes coming on the market in the next few weeks in Noe Valley. One home will be in this price range, one above and one below so if the overall market sees this kind of spread it should bode well. Interest rates are at their lowest since tracking was started in the 1970’s so it is fueling some decision making (along with the fact that nothing else is paying any return anyway).

All the Best,

Lance