San Francisco Sales Volume And Median Price: March (www.SocketSite.com)
Recorded home sales in San Francisco were down 8.5% on a year-over-year basis last month (497 recorded sales in March 2013 versus 543 sales in March 2012) but rose 39.6% as compared to the month prior as seasonality kicked in (the February to March gain has averaged 41.0% over the past nine years). An average of 548 San Francisco homes have traded hands in March since 2004 when recorded sales volume hit 749.
While the inventory level of San Francisco homes and condos for sale is down around 25 percent on a year-over-year basis (i.e., there’s a smaller pool of properties from which buyers can choose), listed inventory has increased 4 percent month-over-month (i.e., the supply of new listings has outpaced the sales demand).
San Francisco’s median sales price was $818,000 in March, up 25.8% on a year-over-year basis, up 16.8% as compared to February in which the median was up 12.3% YOY.
For the greater Bay Area, recorded sales volume in March was once again down 6.0% on a year-over-year basis, up 34.4% from the month prior on seasonality (7,263 recorded sales in March ’13 versus 7,723 in March ’12 and 5,404 in February ’13) with a recorded median sales price which was up 21.8% year-over-year, up 7.7% month-over-month.
Foreclosure resales and short sales made up about 30 percent of the Bay Area market in March, down from 35 percent in February and 49 percent a year ago.
Marin was the only Bay Area County to record a year-over-year increase in sales volume in March, up 14.9% (a gain of 40 transactions) with a median price that was 31.0% higher. San Mateo recorded a 17.5% drop in volume, a loss of 126 transactions with a median price that was up 24.8%.
As always, keep in mind that DataQuick reports recorded sales which not only includes activity in new developments, but contracts that were signed (“sold”) months prior but are just now closing escrow (or being recorded) and any properties that were sold “off market.”
Bay Area Home Sales Dip Below 2012 Level Again; Median Sale Price Rises [DQNews]
San Francisco Home Sales Drop, Median Moderates [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by Dan

    Wow– even if there are changes in mix– a median price increase of 16.8% in 1 month, and 25.8% compared with last year is pretty dramatic!

  2. Posted by eddy

    My personal observation is that fixers are selling for much higher prices. Flips and well done resales are selling at near-peak pricing.

  3. Posted by tomstone

    Agreed – if it’s not fully tricked out and turn key, it’s not going to sell for peak prices. Owners need to stylishly (in some cases perfectly) renovate/remodel before getting the benefits of this market. On the flipside, complete fixers are doing well too as they are essentially being bought for their lots. But in between places sit on the market longer (sort of modernized, but not done well and yet not tear-downs either).

  4. Posted by anon

    The volumes are not very meaningful when there is only 1 month of supply on the market.
    It will be intersting to see how things play out this year. From a macro global perspective it is going to be a worse year than the last couple of years.

  5. Posted by Dan

    I don’t know, tomstone, lately “in between” houses in Bernal are selling very quickly, for more than prior peak prices.

  6. Posted by REpornaddict

    “While the inventory level of San Francisco homes and condos for sale is down around 25 percent on a year-over-year basis (i.e., there’s a smaller pool of properties from which buyers can choose), listed inventory has increased 4 percent month-over-month (i.e., the supply of new listings has outpaced the sales demand).”
    Don’t think this tells us much – doesnt inventory always increase during spring months? Key factor is whether the 4% is less, or more than prior years. Anyway, would be good to see a full inventory report!
    March is always a key month for SF real estate. This March tells us that SF real estate is booming again at the moment.

  7. Posted by GoodbyeBadTimes

    What is April going to look like . . . ?

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