With the number of single-family homes and condos listed for sale in San Francisco having ticked up slightly over the past two weeks and now holding at around 900, which is the most active inventory since the end of 2011 and 27 percent higher versus the same time last year, the inventory level has likely peaked for the year.

But both the number (190) and percentage of listings for which the asking price has been reduced at least once should continue to rise through November.

At a more granular level, the number of single-family homes currently listed for sale in the city (350) is currently running 25 percent higher versus the same time last year while the number of listed condominiums (550) is 29 percent higher, year-over-year, goosed by teaser listings for new construction units, the vast majority of which are not included in the aforementioned counts and the inventory of which has ticked up to 1,200, which is 80 percent higher versus the same time last year, while the pace of sales has slowed.

In terms of pricing and expectations, 21 percent of the active listings in San Francisco have undergone at least one price reduction versus 17 percent last week and 16 percent at the same time last year. And of all the homes currently listed for sale in San Francisco, 40 percent are currently listed for under a million dollars (versus 42 percent at the same time last year).

Expect listed inventory levels in the city to drop through December and begin climbing anew in January.