In line with the drop in listed home sales we noted yesterday, the number of recorded San Francisco home sales in 2013 was 3.5 percent lower than the year before versus a 25 percent increase from 2011 to 2012.
The recorded sales volume of San Francisco homes in December was 529 according to DataQuick, down 17.7 percent on a year-over-year basis for a total of 6,423 properties sold in 2013.
The median price paid for a property in San Francisco was $813,000 in December, down 3.6 percent from the month before but 12.9 percent higher year-over-year. As always, keep in mind that while movements in median sales price are a great measure of what’s in demand and selling, they’re not a great measure of actual appreciation despite what headlines might say.
For the greater Bay Area, the recorded sales volume of homes in December was down 12.7 percent year-over-year for a total of 88,291 properties sold in 2013, down 2.9 percent versus 2012. The median sales price for a Bay Area home was $548,500 in December, down 0.3 percent from November but 23.9 percent higher year-over-year.
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 Drop to Six-Year Low; Prices Still Up Sharply Yr/Yr [DQNews]