According to DataQuick, the median sales price for existing homes in San Francisco was $754,000 last month, up 0.7% from $749,000 in November ’05, but down 2.2% from October ‘06. Sales volume was down 25.8% year-over-year (441 sales versus 594 in November ‘05) and fell 15.7% compared to the month prior (523 sales). Changes in median sales price are interesting. Changes in sales volume (i.e., “demand”) are meaningful.
For the greater Bay Area, the recorded median sales price in November was $616,000 (down 1.4% year-over-year but relatively flat as compared to October ‘06) and sales volume was 7,204 (down 25.9% from November ’05 and down 9.7% from October ’06).
Both Napa and Sonoma counties continued to show signs of weakness as year-over-year median sales prices dropped 1.5% and 7.7%, and sales volume dropped 31.7% and 22.5%, respectively.
∙ Bay Area home prices decline, sales at five-year low [DQNews]
∙ San Francisco Median Sales Price Up MOM (But Down YOY) [SocketSite]
Still waiting for that 50% haircut in prices! Heck, I’ll take even a 5% haircut, as i’ve been calling a collapse in prices since the dot com burst!
Anybody else in my boat renting? I can’t be the only one, can i?
Prices did fall after the dot com burst – they fell about 10% over the course of 2 years. Real estate doesn’t “collapse” like stocks do. It declines slowly. Wait until spring of ’07, when foreclosures jump and inventory doubles, and the price drops will be more visible.