Buoyed by closings of contracts for new construction condominiums which are now ready for occupancy, recorded sales of condos and single-family homes in San Francisco were 13 percent higher in November as compared to the same time last year but dropped 14 percent from October, which is twice the typical seasonal decline for this time of the year.
Listed sales in San Francisco, which do not include the vast majority of new construction sales, dropped 19 percent from October to November and were down 7 percent versus the same time last year, as we reported earlier this month.
The median sale price for all the San Francisco houses and condos that changed hands this past November was $1.15 million, up 3.6 percent from $1.11 million in September to match the record $1.15 million mark set in May and 7.2 percent higher versus the same time last year, according to data compiled by Corelogic.
Across the entire Bay Area, recorded home sales dropped 16.8 percent from October to November but were 7.1 percent higher versus the same time last year with a median sale price of $649,000, up 6.0 percent versus November 2014. And the median sale price in Oakland was $550,000 last month, up 14.6 percent versus $480,000 at the same time last year.
Keep in mind that while movements in the median sale price are a great measure of what’s in demand and selling, they’re not necessarily a great measure of appreciation or changes in value and are susceptible to changes in mix.