According to DataQuick, home sales volume in San Francisco fell 21.3% on a year-over-year basis last month (414 recorded sales in October ’08 versus 526 sales in October ‘07) and fell 9.6% compared to the month prior. San Francisco was the only Bay Area county to record a year-over-year sales volume decline.
Keep in mind that DataQuick reports recorded sales which not only includes activity in new developments, but contracts that were signed (“sold”) many months or even years prior and are just now closing escrow (or being recorded).
San Francisco’s median sales price in October was $699,000, down 12.1% compared to October ’07 ($795,000) but rose 3.6% compared to the month prior.
For the greater Bay Area, recorded sales volume in October was up 38.8% on a year-over-year basis and increased 4.7% from the month prior (7,613 recorded sales in October ’08 versus 5,486 in October ’07 and 7,271 in September ’08), while the recorded median sales price fell 40.6% on a year-over-year basis, down 6.3% compared to the month prior. Once again, think foreclosures.
At the county level, foreclosure resales ranged from 10.6 percent of resales in San Francisco to 68 percent in Solano County. In the Bay Area’s other seven counties, October foreclosure resales were as follows: Alameda, 41.1 percent; Contra Costa, 58.9 percent; Marin, 17.2 percent; Napa, 45.6 percent; Santa Clara, 36.4 percent; San Mateo, 21.6 percent; Sonoma, 49.7 percent.
At the extremes, Solano recorded a 141.1% year-over-year increase in sales volume (a gain of 436 transactions) on a 38.7% decrease in median sales price, while Contra Costa recorded a 86.7% increase in sales volume (a gain of 877 transactions) on a 46.3% drop in median sales price.
∙ Bay Area median price tumbles to $375K; sales reach high for ’08 [DQNews]
∙ San Francisco Recorded Sales Activity In September: Down 2.3% YOY [SocketSite]