The number of single-family homes and condos that traded hands across the greater Bay Area totaled 5,341 this past December, that’s down 13.2 percent from November (versus typically ticking up), down 21.6 percent on a year-over-year basis, and the lowest December sales total since 2007, which marks another 11-year seasonal low, according to recorded sales data from CoreLogic.
In San Francisco, recorded sales totaled 363 this past December, that’s a 27.1 percent drop from November (versus typically ticking up), an 18.8 percent drop versus December 2017 (while inventory levels were an average of 50 percent higher at the end of last year) and a ten-year seasonal low. And as we first reported last month, we’re projecting January sales will be even worse.
On the eastern side of the Bay, homes sales totaled 1,202 in Alameda County, down 18.6 percent on a year-over-year basis, sales in Contra Costa County totaled 1,094 (down 22.9 percent), and sales in Solano County totaled 445, down 27.3 percent versus the same time last year.
Down south, home sales in Santa Clara County totaled 1,145 this past December, down 24.6 percent on a year-over-year basis, while sales in San Mateo totaled 407, down 27.7 percent versus the same time last year.
And up north, home sales in Napa totaled 105 in December, down 18.6 percent versus the same time last year, sales in Sonoma totaled 448 (down 7.4 percent), and sales in Marin totaled 177, down 20.3 percent on a year-over-year basis.
The median price paid for those aforementioned 363 homes in San Francisco was $1,325,000 in December, up 1.9 percent from the month before and a mix-driven 14.2 percent above its mark versus the same time last year.
The median sale price in Alameda County ticked up 2.3 percent to $834,000 in December and was 9.2 percent higher versus December 2017; the median sale price in Contra Costa County dropped 4.6 percent to $570,750 but remains 3.8 percent higher on a year-over-year basis; and the median sale price in Solano County was $415,000, up 9.9 percent, year-over-year.
The median sale price in Santa Clara County dropped another 4.8 percent in December to $1,000,000, which was even with December 2017, while the median sale price in San Mateo County shed another 3.0 percent to $1,250,000 but remains 4.1 percent higher on a year-over-year basis.
The median sale price up in Marin dropped 1.8 percent to $1,015,000 in December but remains 6.8 percent above its mark at the same time last year. The median in Napa ticked up 4.9 percent to $635,000, which is 1.2 percent lower on a year-over-year basis and the median sale price in Sonoma ticked up 2.4 percent to $595,000 but was 3.1 percent lower versus the same time last year.
And as such, the median home sale price across the greater Bay Area, which, in fact, has been trending down, dropped 3.7 percent in December to $785,000, which is 4.6 percent above its mark at the same time last year but now 10.3 percent below its peak of $875,000 which was set this past May.
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, especially as sales volumes drop, as opposed to movements in the Case-Shiller Index.