As we wrote two weeks ago:
…based on our calculations, the number of new contracts written for listed [San Francisco] properties in the fourth week of September was down roughly 25% as compared to the year prior (which was down roughly 17% as compared to the year prior to that), and is running roughly 22% lower on a year-over-year basis with respect to the last two weeks of the month.
As we wrote yesterday morning:
…based on our calculations, and setting the stage for tomorrow’s “on topic” post, new contract volume last week dropped 45% from the week prior and was off by 31% on a year-over-year basis.
And as Redfin wrote yesterday afternoon (about the markets in which they play):
…the past few weeks have seen a major reversal. As the stock market wiped out prospective down-payments, tours and offers dropped 30%. Transactions that were done came undone. October will still be pretty good, then we’re headed for a big dip.
Keep in mind it’s the same story in brokerages and sales offices throughout town – the transaction downturn not the layoffs (as far as we know) – they just haven’t had any reason to let it be publicly known.
∙ SocketSite’s San Francisco Listed Housing Inventory Update: 9/29/08 [SocketSite]
∙ SocketSite’s San Francisco Listed Housing Update: 10/13/08 [SocketSite]
∙ Sequoia’s Take On The New New (And Quite Local) Economy [SocketSite]
∙ A Very Tough Day [Redfin]