According to DataQuick, home sales volume in San Francisco climbed 6.5% on a year-over-year basis last month (605 recorded sales in April ’08 versus 568 sales in April ‘07) and increased 19.1% compared to the month prior (in part due to seasonaility, but also a significantly stronger gain than compared to the past couple of years).
That being said, do keep in mind that DataQuick reports recorded sales which not only includes activity in new developments, but contracts that were signed (“sold”) many months or even years prior and are just now closing escrow (or being recorded).
The median sales price in April was $750,000, down 5.1% compared to April ’07 ($790,000) and down 0.7% compared to the month prior. We continue to see mix supporting the median in San Francisco proper.
For the greater Bay Area, recorded sales volume in April was down 15.3% on a year-over-year basis but increased 28.8% from the month prior (6,310 recorded sales in April ’08 versus 7,447 in April ’07 and 4,898 in March ’08). And the recorded median sales price fell 21.4% on a year-over-year basis (down 3.4% compared to the month prior).
Foreclosure property resales accounted for 25.7 percent of last month’s Bay Area market. The percentage is higher in outlying areas that absorbed spillover activity during the frenzy. While foreclosure properties were 5.9 percent of San Francisco’s resale market and 8.9 percent of Marin’s resale market last month, they were 44.7 percent in Contra Costa and 54.2 percent in Solano.
At the extremes, Marin recorded a 31.0% year-over-year reduction in sales volume (a loss of 97 transactions) and a 13.5% drop in median sales price, Santa Clara recorded a 28.3% reduction in sales volume (a loss of 569 transactions) and a 13.3% drop in median sales price, and Contra Costa recorded a 1.5% increase in sales volume (a gain of 19 transactions) and a 34.2% drop in median sales price.
CORRECTION: “Foreclosure resales” had previously been misidentified as “sales back to the bank.” For the purposes of the DataQuick sales report “foreclosure resales” only includes the sales of properties which had previously been recorded as foreclosures within the past twelve months.
∙ Bay Area home sales edge up in April [DataQuick]
∙ San Francisco Recorded Sales Activity In March: Down 20.6% YOY [SocketSite]