The number of single-family homes and condos that traded hands across the greater Bay Area in September dropped an above average 13.6 percent from August (8,490) to September (7,338) and were 7.5 percent lower versus the same time last year and a three-year low for September.
And in San Francisco proper, sales volume dropped 25.3 percent from August (494) to September (369), which is over three times the typical seasonal decline. And on a year-over-year basis, sales were down 32.5 percent, which is the largest year-over-year drop since 2009, according to recorded sales data from CoreLogic.
In Alameda County, recorded homes sales dropped 16.9 percent from 1,860 in August to 1,546 September, which is 7.8 percent lower versus the same time last year; sales in Contra Costa County dropped 15.3 percent to 1,490, which is 11.8 percent lower on a year-over-year basis; and sales in Solano County dropped 9.4 percent to 655 in September, which 12.8 percent lower versus the same time last year.
Home sales in Santa Clara County dropped a seasonal 6.9 percent from 1,861 in August to 1,733 in September and were 3.4 percent higher versus the same time last year, while recorded sales in San Mateo County dropped 14.0 percent to 573 in September which is 3.2 percent lower, year-over-year.
Up in Marin County, sales slipped 5.5 percent to 277 in August but were 9.9 percent higher versus the same time last year; sales in Napa dropped 13.1 percent to 119 in September which is 14.4 percent lower, year-over-year; and home sales in Sonoma County dropped 17.5 percent to 566 in September which is 5.7 lower versus the same time last year.
The median price paid for those aforementioned 369 homes in San Francisco was $1,130,000, down 7.7 percent from the month before, down 9.3 percent since June, and 13.1 percent below the record $1.3 million median price recorded in April of 2016 but 10.2 percent higher versus the same time last year.
The median sale price in Alameda County was $755,000 in September, down 0.6 percent from August but 13.9 percent higher versus the same time last year; the median sale price in Contra Costa County was $560,000 and 10.7 percent higher versus the same time last year; and the median sale price in Solano County was $400,000 in September, up 0.5 percent from August and 12.4 percent higher, year-over-year.
The median sale price in Santa Clara County was $950,000 in September, up 1.6 percent from August and 14.5 percent higher versus the same time last year while the median sale price in San Mateo County was $1,146,250 in September, down 0.3 percent from an upwardly revised $1,150,000 in August and 11.8 percent higher, year-over-year.
The median sale price in Marin was $1,005,000 in September, up 4.1 percent from August and 19.6 percent higher versus the same time last year while the median in Napa was $570,000, down 4.3 percent from August and 1.4 percent lower versus the same time last year; and the median in Sonoma was $571,500 in September, down 0.2 percent from August but 7.9 percent higher, year-over-year basis.
And across the greater Bay Area, the median home sale price slipped 0.1 percent from $740,000 in August to $739,000 in September but remains 13.7 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.