According to DataQuick, sales volume (i.e., demand last month) for existing homes in San Francisco fell 15.7% on a year-over-year basis last month (479 sales in November ’07 versus a revised 568 sales in November ’06) and fell 8.9% compared to the month prior (526 recorded sales in October ‘07). As we noted last month, it appears as though October’s uptick in reported sales activity was at least partially driven by a delay in September closings rather than a much ballyhooed rebound in buyer activity.
At the same time, the median sales price in November was $814,750, up 7.2% compared to a revised November ’06 ($760,000) and up 2.5% compared to the month prior. And yes, for some strange reason we’re still thinking mix.
For the greater Bay Area, sales volume in November was down 36.2% on a year-over-year basis and fell 6.5% from the month prior (5,127 recorded sales in November ’07 versus a revised 8,042 in November ’06 and 5,486 this past October). The recorded median sales price fell a nominal 0.3% as compared to the month prior but was up 1.5% on a revised year-over-year basis.
At the extreme, Solano County recorded a 50.2% year-over-year reduction in sales volume (and a drop of 14.8% in median sales price) while Contra Costa County recorded a 46.0% year-over-year drop in sales and a 6.9% drop in median sales price despite a reported 1.3% growth in population from July 2006 to July 2007.
∙ Bay Area home sales stuck at two-decade low; price picture mixed [DQNews]
∙ San Francisco’s Sales Volume Up And Down In October [SocketSite]
∙ Listed San Francisco Home Sales Volume Down/Down In November [SocketSite]
∙ JustQuotes: CA DOF Estimates Population Growth In San Francisco [SocketSite]