Recorded home sales in San Francisco fell 13.0% on a year-over-year basis last month (356 recorded sales in February 2013 versus 409 sales in 2012), down 9.6% as compared to the month prior and versus an average January to February gain of 16.0% over the past nine years. An average of 389 San Francisco homes have sold in January since 2004 when recorded sales volume hit 537.
San Francisco’s median sales price was $700,500 in February, up 12.3% on a year-over-year basis, up a nominal 0.2% as compared to January in which the median was up 16.0% year-over-year. The median was up 21.1% in December.
For the greater Bay Area, recorded sales volume in February was down 6.1% on a year-over-year basis, the first year-over-year decline in almost two years, and down 1.8% from the month prior (5,404 recorded sales in February ’13 versus 5,753 in February ’12 and 5,404 in January ’13) on a recorded median sales price which was up 24.6% year-over-year, down 2.4% month-over-month.
At least half of February’s 24.6 percent, year-over-year increase in the median sale price is the result of changes in market mix, with sales shifting away from low-cost distress homes toward more mid-market and move-up homes.
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 13.6 percent of resales in February, down from a revised 14.1 percent in January, and down from 26.4 percent a year ago. Last month was the lowest since 10.1 percent in November 2007. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 17 years is about 10 percent.
Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 21.4 percent of Bay Area resales last month. That was down from an estimated 21.9 percent in January and down from 27.0 percent a year earlier.
At the extremes, Sonoma was the only Bay Area County to record a year-over-year increase in sales volume, up 6.6% and a gain of 25 transactions with a median price that was 16.9% higher. San Mateo recorded a 16.5% drop in volume, a loss of 82 transactions with a median price that was up 28.9%.
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).
∙ Bay Area Home Sales Ease Amid Tight Supply; Median Price Up [DQNews]
∙ Recorded San Francisco Sales Volume Hits Six-Year Seasonal High [SocketSite]