Having hit a record $870,000 in May, the median price paid for a home in San Francisco ticked up 1.5 percent to $883,000 in June, up 23.8 percent year-over-year. As always, keep in mind that movement in the median sales price is a great measure of the market’s appetite and what’s in demand, but it’s not a great measure of actual appreciation despite what some headlines might say.
The recorded sale volume of homes in San Francisco continued to drop, however, falling 5.7 percent from May to 500 sales in June, down 24.7 percent year-over-year. The June sales volume in San Francisco has averaged 630 sales since 2004.
At the same time, the inventory level of single-family homes and condos for sale in San Francisco has ticked up over the past month (i.e., the supply of new listings is meeting the sales demand) and is down less than 10 percent year-over-year (i.e., a lack of inventory isn’t to blame for the sales decline).
For the greater Bay Area, recorded sales volume in June was down 9.4% on a year-over-year basis, down 7.5% from May while the recorded median sales price rose 6.9 percent to $555,000, up 33.1% year-over-year.
Foreclosure resales and short sales made up about 18 percent of the Bay Area market in June, down from 21 percent in May and 40.5 percent a year ago.
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.”
∙ Record Annual Gain for Bay Area Median As Sales Dip [DQNews]
∙ San Francisco Records A Record Median Home Price In May [SocketSite]