SF condo inventory spikes, with price reductions skyrocketing
"As buyers become pickier and shelter in place orders exacerbate the need for private outdoor space, the San Francisco condo market has been beset by rising inventory and declining prices, according to new data compiled by Compass. The young people who would have been shopping for condos may be more likely to be impacted by layoffs, according to the report. There's also increasing demand outside of the city, with those staying showing a vast preference for single-family homes, which have not seen the same level of declining demand. "Within San Francisco itself, supply and demand conditions have diverged dramatically between house and condo markets, with the latter being far weaker and rapidly climbing into 'buyer's market' territory," according to the report."
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Another data point supporting the notion that demand for center city real estate is beginning to drop, while demand for housing in the suburbs is going up.
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