According to DataQuick, recorded home sales volume in San Francisco jumped 33.6% on a year-over-year basis last month (553 recorded sales in October ’09 versus 414 sales in October ‘08) and rose 3.2% compared to the month prior.
San Francisco’s median sales price in October was $690,824, down 1.2% compared to October ’08 ($699,000) but up 6.3% compared to the month prior.
For the greater Bay Area, recorded sales volume in October was up 4.2% on a year-over-year basis and up 0.7% from the month prior (7,933 recorded sales in October ’09 versus 7,613 in October ’08 and 7,879 in September ’09), while the recorded median sales price rose 4.0% on a year-over-year basis, up 6.8% compared to the month prior. Think mix.
Sales in the region’s higher-cost counties – Marin, San Francisco, Santa Clara and San Mateo – represented 42.2 percent of October sales, up from 35.3 percent a year ago, when more sales were concentrated in the lower-cost inland areas rife with deeply discounted foreclosures. Sales over $500,000 made up 36 percent of all sales last month, up from 34.9 percent a year ago and a low this year of 22.7 percent in January.
At the extremes, San Francisco recorded the greatest year-over-year percentage increase in sales volume while Solano recorded a 8.6% year-over-year decrease in sales volume (a loss of 67 transactions) and a 18.8% drop in median sales price.
As always, 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).
UPDATE: We assumed it went without saying, but with respect to the magnitude of the year-over-year sales increase, keep in mind that October 2008 was a rather rough month for the markets. Recorded San Francisco county October sales figures over the past six years: 720 (2004), 670 (2005), 573 (2006), 526 (2007), 414 (2008), 553 (2009).
∙ Bay Area median sale price tops year-ago level [DQnews]
∙ San Francisco Recorded Sales Activity In September: Up 17% YOY [SocketSite]