One way to take the temperature of the current San Francisco market is noting the number of expired and withdrawn listings. These are properties that haven’t sold within their listing time period, or which have simply been withdrawn by sellers for the time being. In either case, buyers haven’t responded with acceptable offers.
A total of 183 single-family homes, condos and TICs have been withdrawn or have expired since June 1st. These are fairly high numbers, though last year’s June numbers were seemingly worse. (A total of 290 listings expired or were withdrawn in June 2009.) We’re more than halfway through June 2010, and I’m keeping my fingers crossed that we don’t exceed last year’s June numbers.
There are 1,760 active listings seeking buyers at present. So some of these withdrawn/expired ones are easing inventory levels a bit.