While a seasonally driven drop in San Francisco home sales from October to November is to be expected, a 20 percent drop in volume versus the year before is not.
Last month, the number of listed single-family homes and condos which closed escrow in San Francisco was 30 percent lower than in October, versus a 10 percent drop from October to November in 2013, and 21 percent lower as compared to the same time last year.
And on the supply side, while the average number of homes listed for sale in San Francisco in September and October (the months most likely to produce a November sale) was roughly 10 percent lower as compared to the same time last year, keep in mind that an above average number of listings have simply been withdrawn from the MLS without a reported sale over the past couple of months.
Not reflected in the numbers above, the sale of any new construction condos which weren’t listed on the MLS nor any “off-market” sales. Those sales will be counted in the more complete recorded sales report for November which should be out this week.