It's beginning ... Bernal Heights, one of the hottest neighborhoods in San Francisco for single family home sales, is seeing price reductions for the first time this cycle.
Sure, 136 Santa Marina was lowered to a mere $1,170 per square foot, but it was lowered nonetheless. This isn't just a blip. According to Socketsite, not only is single family home inventory up 38% from this time last year, but listings with at least one price reduction is up more than 100%.
A combination of overheated seller expectations and weaker demand have combined in the past several months to slow the red-hot San Francisco market. It's still hot, to be sure, but by all accounts is cooling.