The City View: October Update
Our hot market is cooling a bit, at least in certain segments. That's normal as we knock on November's door. Few sellers want to test the market over the holidays, when buyers tend to travel and have family, not house hunting, on their minds. That said, low inventory means determined buyers have fewer options, and sellers who held firm on price have often ended up the wiser. The clearest slowdown has been in the condo market on the south side of the city, where higher interest rates have taken a toll. Homes are still selling over asking, but the huge margins over list price aren't as common. We're starting to see some homes reach their offer dates without offers, and a few agents are even muttering the word "deal" again. This doesn't mean our market has stalled. Far from it. But we may be in that brief window before the next wave of IPOs, when real value can still be found.
September delivered the seasonal restocking that San Francisco's market has been waiting for all summer. There were 229 single-family homes for sale at the end of the month, up 39.63% from August's 164 and the highest count since April. Sellers brought 309 new single-family listings to market, a healthy jump from 187 in August.
The problem is that this rebound still leaves the market well behind where it was a year ago. Last September there were 306 single-family homes for sale, meaning the current count represents a 25.16% year-over-year decline. New listings were also down 9.65% from the 342 brought to market in September 2025, even as sold listings held essentially flat at 184 versus 181. In other words, demand has held its ground while supply has thinned.
Condos tell a similar story with a steeper decline. There were 428 condos for sale in September, up 15.36% from August's 371 but down 33.54% from the 644 available last September. New condo listings came in at 351, an 18.18% drop from 429 a year ago, while 210 condos sold compared with 214 last September. Across both property types, roughly 650 homes were available citywide at the end of September, against about 950 at the same point in 2025.
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