According to DataQuick, the median sales price for existing homes in San Francisco was $750,000 last month, up 0.7% from $745,000 in August ’05, but down $21,000 (2.7%) from July ‘06. Sales volume was down 7.4% year-over-year (613 sales versus 662 in August ‘05), but jumped 26.4% from the month prior (485 Sales). Based on last months sales volume, San Francisco currently has a 2.3 month supply of listed Single Family Homes, Condos, and TICs on the market.
For the greater Bay Area, the recorded median sales price in August was $620,000 (up 0.2% year-over-year) and sales volume was 9,128 (down 24.9% from August ’05, but up 14.9% from July ’06). Sales in Napa dropped 47.3% year-over-year, and Marin recorded a 2.3% drop in median sales price.
According to DataQuick president Marshall Prentice, “Several things are going on. Many homes are being offered for sale at unrealistically high prices as sellers try to game the peak of the market. Buyers appear to be taking a wait-and-see approach as sellers get real with their asking prices. The market seems to be going into a lull, until this all shakes out. It does appear that the strong appreciation of the recent past is leveling off.”
∙ Bay Area home sales decline, prices level off [DQNews]
∙ San Francisco Median Sales Price And Sales Decline [SocketSite]