While the recorded sales volume of single-family homes and condos in San Francisco ticked up from 423 in February to 502 in March, the 18.7 percent gain was less than half the typical 40.9 percent seasonal increase for this time of the year and the sales volume slipped 2.1 percent on a year-over-year basis.
At the same time, the median sale price for the San Francisco homes that changed hands in March was $1,136,500, down a nominal 0.5 percent from the month before and 2.6 percent below the record $1,166,750 recorded in January. But the median sale price remained 5.7 percent higher versus the same time last year.
Across the entire Bay Area, recorded home sales jumped 39.2 percent from February to March with typical seasonality in play. But the sales volume was down 2.9 percent versus the same time last year and the median sale price was $643,200, up 5.5 percent from February but only 1.4 percent higher versus the same time last year, the smallest year-over-year gain in four years according to data compiled by Corelogic.
Based on 1,220 sales, which was 8.4 percent lower versus the same time last year, the median sale price in Alameda County was $630,200 in March, down 0.8 percent from February and a nominal 1.7 percent higher versus the same time last year.
In San Mateo, sales were down 12.7 percent on a year-over-year basis in March. And in in Santa Clara, sales were down 8.4 percent.
Keep in mind that while movements in the median sale price are a great measure of what’s selling, they’re not necessarily a great measure of appreciation or changes in value and are susceptible to changes in mix, as opposed to movements in the Case-Shiller Index.