According to DataQuick, home sales volume in San Francisco rose 8.0% on a year-over-year basis last month (609 recorded sales in July ’08 versus 564 sales in July ‘07) and rose 6.7% compared to the month prior.
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).
San Francisco’s median sales price in July was $749,000, down 6.3% compared to July ’07 ($799,000), but up 3.1% compared to the month prior. In terms of mix, we see the median being weighed down by the recording of Below Market Rate units (which is also spiking recorded sales activity) and a nominal uptick in activity in less expensive Districts (a shift of around 3% based on listed transactions).
For the greater Bay Area, recorded sales volume in July was up 2.2% on a year-over-year basis and increased 5.7% from the month prior (7,586 recorded sales in July ’08 versus 7,423 in July ’07 and 7,178 in June ’08). But the recorded median sales price fell 29.3% on a year-over-year basis (down 3.1% compared to the month prior).
July sales were the highest for any month since June 2007 and marked the first annual sales gain for any month since January 2005. However, last month’s sales still fell 22 percent short of the average July sales total since 1988, when MDA DataQuick’s statistics begin, and were the second- lowest for a July since 1995.
Foreclosure resales — homes sold in July that had been foreclosed on in the prior 12 months — made up 33 percent of all resales. That was up from 29.9 percent in June and 4.2 percent in July 2007. Foreclosure resales ranged from 4.6 percent of the resale market in San Francisco to 65.9 percent in Solano County.
At the extremes, Santa Clara recorded a 13.1% year-over-year reduction in sales volume (a loss of 250 transactions) and a 16.4% decrease in median sales price, while Contra Costa recorded a 30.3% increase in sales volume (a gain of 502 transactions) but a 41.6% drop in median sales price (think foreclosures).
UPDATE: While the numbers are above, it’s worth highlighting the impact of foreclosures on sales volume last month. Not counting the resale of foreclosed properties, sales volume in the Bay Area actually dropped 28.5% from 2007 to 2008 (versus the 2.2% increase referenced above). And in San Francisco, we estimate the increase in year-over-year recorded sales volume for non-foreclosure properties to be closer to 4% (versus the 8% referenced above).
∙ Bay Area home sales climb above last year; median price falls hard [DQNews]
∙ San Francisco Recorded Sales Activity In June: Down 9.8% YOY [SocketSite]