According to DataQuick, home sales volume in San Francisco fell 17.8% on a year-over-year basis last month (366 recorded sales in December ’08 versus 445 sales in December ‘07) but rose 7.6% compared to the month prior. San Francisco once again recorded the sharpest year-over-year decline in sales volume of any Bay Area county last month with Marin a close second (down 14.5% YOY).
San Francisco’s median sales price in December was $616,500, down 15.7% compared to December ’07 ($731,000) and down 4.9% compared to the month prior.
For the greater Bay Area, recorded sales volume in December was up 36% on a year-over-year basis and rose 19.7% from the month prior (6,889 recorded sales in December ’08 versus 5,065 in December ’07 and 5,756 in November ’08), while the recorded median sales price fell 43.8% on a year-over-year basis, down 5.7% compared to the month prior.
Once again, think foreclosures and mix.
Homes that were foreclosed on accounted for 50.0 percent of December’s resale activity, up from 46.8 percent in November, and up from 14.0 percent for December a year ago. Foreclosure resales ranged from 12.4 percent in San Francisco last month to 67.7 percent in Solano County.
At the extremes, Solano recorded a 103.6% year-over-year increase in sales volume (a gain of 373 transactions) on a 42.3% decrease in median sales price, while Contra Costa recorded a 84.1% increase in sales volume (a gain of 817 transactions) on a 50% drop in median sales price.
And as always, 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).
∙ Bargain hunting dominates Bay Area home sales in December [DQNews]
∙ San Francisco Recorded Sales Activity In November: Down 29% YOY [SocketSite]