Closings of New Condos Goose Recorded Sales Activity in SFOctober 31, 2016
The number of single-family home and condos that traded hands in the Bay Area slipped 3.3 percent from a revised 8,245 in August to 7,974 in September. But the slide was a third of the typical seasonal decline and the sales volume was 1.4 percent higher than at the same time last year, according to transaction data from CoreLogic.
In San Francisco, the number of deeds that traded hands in September (542) was 3 percent lower versus the month before but a fourth the typical seasonal decline and 24 percent higher versus the same time last year (437).
That being said, and as we noted last month, the recorded sales volume in San Francisco is being goosed by contracts for condos in new developments that were signed (“sold”) many months prior but are now closing escrow in bulk as the buildings come online while signatures on new contracts are down over 30 percent this year despite an increase in inventory.
And the $1.09 million median price paid for a home in San Francisco last month was 0.9 percent below the $1.10 million in August and 16.2 percent ($210K) below April’s record median of $1.30 million, but 3.1 percent above the $1.06 million median at the same time last year.
Home sales in Alameda County slipped 4.2 percent from 1,744 in August to 1,671 in September but remain 2.6 percent higher versus the same time last year (1,628) with a recorded median sale price of $665,000, down 1.2 percent from August but 6.4 percent higher, year-over-year.
Recorded sales in Contra Costa County (1,689) were 1.3 percent lower on a year-over-year basis with a median price of $506,000 (up 4.9 percent, year-over-year). Sales in Santa Clara County (1,676) were down 5.2 percent, year-over-year, with a median price of $829,500 (up 5.0 percent). And sales in San Mateo County (624) were down 5.6 percent with a median price of $1,100,000, which is 13.4 percent higher than at the same time last year.
The median price paid for a Bay Area home overall was $654,000 in September, down 1.7 percent from August but remains 3.8 percent higher versus the same time last year.
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.
Comments from Plugged-In Readers
How does one track new construction sales signed previously and reported presently?
Is the graph wrong? It shows 1.125m which suggests a year on year decline, but text suggests that both median price and sales are up on last year (median 1.06).
Either way, great sales figs
While the homepage featured the correct chart, the detailed report initially included the chart for August’s closings (which has since been corrected above).
What’s perhaps most interesting about chart above is that the median price is below the moving average for 2nd consecutive month — a first since 2012.
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