With seasonality in play, the number of homes sales in San Francisco has increased an average of 13 percent from January to February over the past decade. Last month, the number of recorded home sales in San Francisco jumped 27.4 percent from the month before and February’s sales volume was 26.7 percent higher on a year-over-year basis, the first year-over-year increase in four months.
The median price paid for a property in San Francisco jumped to a record $945,000 in February, up 6.8 percent from January and 34.9 percent higher year-over-year, largely driven by an increase in the mix of higher priced home sales. 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 the headlines might say.
For the greater Bay Area, recorded sales volume increased an anemic 5.7% from January to February and remains 8.2 percent lower on a year-over-year basis, the slowest February since 2008. At the same time, the median sales price for a home in the Bay Area increased 2.9 percent to $540,000 and is up 33.3% year-over-year.
Opposite San Francisco, Solano County recorded a 26.7 percent year-over-year drop in sales volume, the greatest Bay Area decline. Second to San Francisco in terms of gains, the median sale price in Contra Costa County increased to $405,000 in February, up 30.2 percent 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.”