By Robb Fleischer
Lack of Inventory Besets Market
Low inventory is taking a toll on buyers’ patience. With the limited number of properties for sale in San Francisco, multiple offers are becoming the norm. The problem is only one party can buy a property.
On the last day of May, there were 804 homes and condos for sale. That was down from 870 in April and down from 1,529 in May 2011.
Last month there were 493 properties sold. That equates to 1.6 months of supply on the market. In a balanced market, we would have a 5-6 months supply of inventory.
As we mentioned last month, the phantom inventory that was the rage last year just evaporated. Banks own a total of 632 properties in San Francisco. Even assuming none of them are already in escrow, it is still only 1.3 months of supply.
Continue reading here http://rereport.com/sdc/print/RobbFleischerSF.pdf
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