Having plunged to an 11-year seasonal low in September, the number of single-family homes and condos that traded hands across the greater Bay Area totaled 7,158 in October, up 19.8 percent on a month-over-month basis but 6.5 percent lower versus the same time last year and a mere 7-year seasonal low, according to recorded sales data from CoreLogic.
In San Francisco, recorded sales totaled 563 last month, representing an above average 56.4 percent seasonal jump from September and down a nominal 0.7 percent versus the same time last year, which was a four-year low, while inventory levels remain at a 7-year high and pending sales are down.
Across the bay, homes sales totaled 1,531 in Alameda County, down 10.7 percent on a year-over-year basis, sales in Contra Costa County totaled 1383, down 10.8 percent, and sales in Solano County totaled 509, down 19.3 percent versus the same time last year.
Home sales in Santa Clara County (1,515) were down 8.7 percent on a year-over-year basis in October while sales in San Mateo (613) were down 6.6 percent.
And up north, home sales in Napa (128) were 26.7 percent higher versus the same time last year, sales in Sonoma (612) were 21,7 percent higher, and sales in Marin (304) were 10.5 percent higher than at the same time last year.
The median price paid for those aforementioned 563 homes in San Francisco was $1,350,000 in October, which was 2.2 percent below the record $1,380,000 set in May but 7.6 percent higher than at the same time last year.
The median sale price in Alameda County slipped 0.6 percent to $825,000 last month but remains 6.5 percent higher on a year-over-year basis; the median sale price in Contra Costa County ticked up 1.7 percent to $610,000, which is 5.2 percent higher, year-over-year; and the median sale price in Solano County slipped 1.2 percent to $425,000 but remains 4.9 percent higher versus the same time last year.
The median sale price in Santa Clara County increased 5.2 percent last month to $1,105,000, which is 13.6 percent above its mark at the same time last year, while the median sale price in San Mateo County increased to $1,329,250, which is 8.0 percent higher, year-over-year.
The median sale price up in Marin jumped 9.8 percent to $1,150,000 last month, which is 17.9 percent above its mark at the same time last year. The median in Napa dropped 4.4 percent to $605,000 but remains 2.5 percent higher on a year-over-year basis. And the median sale price in Sonoma dropped 3.2 percent to $590,000, which is 0.9 percent higher versus the same time last year.
And as such, the median home sale price across the greater Bay Area increased 3.7 percent in October to $845,500 and remains 9.3 percent above its mark at 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.