According to DataQuick, sales volume for existing homes in San Francisco fell 27.1% on a year-over-year basis last month (293 sales in January ’08 versus 402 sales in January ‘07) and fell 34.2% compared to the month prior (445 recorded sales in December ‘07). And as we’ve noted over the past three months, the data once again suggests that October’s uptick in reported sales activity was at least partially driven by a delay in September purchases/closings rather than a significant rebound in buyer activity.
The median sales price in January was $744,000, down 0.8% compared to January ’07 ($750,000) but up 1.8% compared to the month prior. That being said, we continue to believe that mix is playing a significant role in supporting the median in San Francisco.
For the greater Bay Area, sales volume in January was down 41.9% on a year-over-year basis and fell 29.2% from the month prior (3,586 recorded sales in January ’08 versus 6,168 in January ’07 and 5,065 this past December). The recorded median sales price fell 8.5% on a year-over-year basis and was down 6.4% compared to the month prior.
Last month’s sales were the lowest for any month in DataQuick’s statistics, which go back to 1988. Sales have decreased on a year-over-year basis for 36 consecutive months. Prior to last month the slowest January was in 1995, when 4,326 homes sold. The strongest January, in 2005, posted 8,298 sales. The average for the month is 6,319 sales.
At the extremes, Napa recorded a 55.1% year-over-year reduction in sales volume and a 1.8% drop in median sales price, while Marin was the best performing Bay Area county with a 1.8% increase in Median Sales Price (but a 37.4% drop in sales volume). Both Contra Costa and Alameda Counties recorded significant drops in both sales volume (down 42.4% and 39.0% respectively) and median sales price (down 15.8% and 14.4% respectively).
∙ Bay Area home sales lowest for any month in two decades [DQNews]
∙ San Francisco Sales Activity In December: Down Again (-24.4% YOY) [SocketSite]