Having hit a record $883,000 in June, the median price paid for a home in San Francisco slipped 4.9 percent to $840,000 in July, up 17.6 percent year-over-year. Keep in mind that while movements in median sales price are a great measure of what’s in demand and selling, they’re not a great measure of actual appreciation despite what many headlines might say.
While the median sales price slipped in San Francisco, the recorded sale volume spiked in July, jumping 43.6 percent from 500 sales in June to 718 in July, up 31.3 percent year-over-year and the highest July sales count since 2004. The July sales volume in San Francisco has averaged 550 sales since 2004.
The inventory level of single-family homes and condos for sale in San Francisco has ticked up over the past month as well and is even on a year-over-year basis for the first time in two years.
For the greater Bay Area, recorded sales volume in July was up 13.3% on a year-over-year basis, up 18.3% from June while the median sales price rose 1.3 percent to $562,000, up 33.5% year-over-year. Foreclosure resales and short sales made up about 15 percent of the Bay Area market last month, down from 18 percent in June and 38.9 percent a year ago.
As always, keep in mind that DataQuick reports recorded sales which not only includes activity in new developments, but contracts that were signed (“sold”) months prior but are just now closing escrow (or being recorded) and any properties that were sold “off market.”
∙ Bay Area Posts Highest July Home Sales in Eight Years [DQNews]
∙ Another Record In San Francisco And Sales Volume Decline [SocketSite]
∙ For The First Time In Over Two Years, Inventory Is Even In SF [SocketSite]
Looks like the extra inventory is being absorbed pretty well..and then some..!
From Dataquick – “In a sign of market confidence, Bay Area home buyers continued to put near-record amounts of their own money into residential real estate. In July they paid a total of $2.3 billion out of their own pockets in the form of down payments or cash purchases.”
seemed high to me, as with 9,339 sales translated to around $250k as an average downpayment.
But then read lower 1/4 of all sales are all cash – that seemed surprising given the majority of sales are in alamada, contra costa etc. values there still seem to be well below peak, so wondering where that high % of all cash sales – and the corresponding large average downpayment is coming from…
[Editor’s Note: Not surprising at all, think investors with pools of cash to deploy.]