According to DataQuick, home sales volume in San Francisco fell 8.3% on a year-over-year basis last month (529 recorded sales in August ’08 versus 577 sales in August ‘07) and fell 13.1% 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 August was $725,000, down 11.8% compared to August ’07 ($822,000) and down 3.2% compared to the month prior.
For the greater Bay Area, recorded sales volume in August was down 0.9% on a year-over-year basis and fell 4.7% from the month prior (7,232 recorded sales in August ’08 versus 7,299 in August ’07 and 7,586 in July ’08), while the recorded median sales price fell 31.8% on a year-over-year basis, down 4.9% compared to the month prior. Once again, think foreclosures.
Last month’s sales total was the second-lowest for an August, behind 6,688 sales in August 1992, in MDA DataQuick’s statistics, which go back to 1988. An “average” August had 10,031 sales, while the peak August in 2004 had 13,940.
At the county level, foreclosure resales ranged from 8.6 percent of resales in San Francisco to 61.3 percent in Solano County. In the Bay Area’s other seven counties, August foreclosure resales were as follows: Contra Costa, 54.4 percent; Marin, 13.5 percent; Napa, 39 percent; Santa Clara, 24.7 percent; San Mateo, 16.6 percent; Sonoma, 41.6 percent.
At the extremes, San Mateo recorded a 23.4% year-over-year reduction in sales volume (a loss of 171 transactions) and a 19.8% decrease in median sales price, while Contra Costa recorded a 35.5% increase in sales volume (a gain of 454 transactions) but a 42.1% drop in median sales price.
∙ Bay Area home sales near bottom again, median price plunges [DQNews]
∙ San Francisco Recorded Sales Activity In July: Up 8.0% YOY [SocketSite]