The City View: April Update
By now it has become apparent, even to those not trying to buy or sell real estate in San Francisco, that demand far outpaces supply. Catalyzed by the local AI boom, companies are hiring, capital is flowing, and well-paid employees are driving renewed housing demand across the city. But this surge may not have the staying power of past tech cycles. The same AI technologies fueling today’s growth are designed to reduce the need for human labor over time. As companies become more efficient, hiring could slow, layoffs could occur, and demand could dwindle. For now, momentum is strong; I have never seen a market like this. But this window of opportunity may prove shorter for sellers than many expect.
Inventory Remains Severely Constrained as Spring Selling Season Heats Up
Despite the arrival of spring and the typical increase in new listings, inventory levels remain drastically below where they were a year ago. There are currently just 194 single-family homes for sale in San Francisco, representing a 34.46% decline compared to March 2025. The condo market is facing a similar shortage, with inventory down 34.30% year-over-year to 454 units. While new listings did increase from February, with 282 new single-family homes and 348 new condos hitting the market, the pace of sales has kept overall inventory suppressed. Buyers continue to face an extremely limited selection of properties as we head deeper into the spring season.
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