Notice in this chart the uptick in new Condo listings in San Francisco's "District 7" (Marina, Cow Hollow, Pacific Heights & Presidio Heights) in February 2008 and February 2009.
Feb '09 was also artificially low with all that was going on in the economy and stock market at that time. So my guess is that Feb 2010 will be closer to '08 than '09. So if you've been house hunting in San Francisco, and think the homes for sale inventory has been disappointing, fasten your seat belt. Post Super Bowl (let's go Jets :) expect a flood of new listings.