According to DataQuick, home sales volume in San Francisco fell 2.3% on a year-over-year basis last month (458 recorded sales in September ’08 versus 469 sales in September ‘07) and fell 13.4% compared to the month prior. San Francisco and San Mateo were the only two Bay Area counties to record a sales volume decline.
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). And based on our calculations, listed sales activity is currently running 30% lower on a year-over-year basis.
San Francisco’s median sales price in September was $675,000, down 12.7% compared to September ’07 ($773,000) and down 6.9% compared to the month prior.
For the greater Bay Area, recorded sales volume in September was up 45% on a year-over-year basis and increased a nominal 0.5% from the month prior (7,271 recorded sales in September ’08 versus 5,014 in August ’07 and 7,232 in August ’08), while the recorded median sales price fell 36% on a year-over-year basis, down 10.5% compared to the month prior. Once again, think foreclosures.
At the extremes, Solano recorded a 101.2% year-over-year increase in sales volume (a gain of 325 transactions) on a 35.7% decrease in median sales price, while Contra Costa recorded a 94.3% increase in sales volume (a gain of 874 transactions) on a 45.6% drop in median sales price.
∙ Bay Area home sales up 45% over ’07; median price falls to $400K [DQNews]
∙ San Francisco Recorded Sales Activity In August: Down 8.3% YOY [SocketSite]
∙ SocketSite’s San Francisco Listed Housing Update: 10/13/08 [SocketSite]