SF Pride takes place this Saturday and Sunday, and that’s this weekend’s big event. It includes speakers, exhibits, performers, parties, and of course, the parade. But there are other things going on in the City as well, including a celebration of San Francisco’s 241st birthday in the Presidio on Saturday, and the Stern Grove Festival’s 80th Season Opening Day featuring Kool and the Gang on Sunday.
On the “Homes for Sale in San Francisco” front, here’s our report for this week, 6/18/17 – 6/24/17
According to SocketSite.com, while sales activity for new condos in San Francisco doubled from April to May as you would expect during the spring sales uptick, the number of purchase contracts signed last month (73) was 36 percent lower on a year-over-year basis.
What’s more, the volume of new contract signings over the past twelve months remains 19 percent lower than the twelve months before.
Along with this slowdown in sales, there’s been a slowdown in the delivery of major new projects. The inventory of new construction condos available to purchase in San Francisco (877) is now running 29 percent lower on a year-over-year basis, the first year-over-year decline in a year. More units will come to market in the near future, but this slowdown in sales may impact the pace of future development.
Meanwhile, single family homes are selling at a fast and furious pace, as you will see in our upcoming quarterly report.