According to DataQuick, recorded home sales volume in San Francisco fell 21.8% on a year-over-year basis last month (229 recorded sales in January ’09 versus 293 sales in January ‘08) and fell 37.4% compared to the month prior. San Francisco once again experienced the sharpest year-over-year decline in sales volume of any Bay Area county last month with Marin the only other county recording a decline (down 7.5% YOY).
San Francisco’s median sales price in January was $562,000, down 24.5% compared to January ’08 ($744,000) and down 8.8% compared to the month prior.
For the greater Bay Area, recorded sales volume in January was up 40.8% on a year-over-year basis but fell 26.7% from the month prior (5,050 recorded sales in January ’09 versus 3,586 in January ’08 and 6,889 in December ’08), while the recorded median sales price fell 45.5% on a year-over-year basis, down 9.1% compared to the month prior.
Once again, think foreclosures and mix.
At the county level, foreclosure resales last month ranged from 16.4 percent of resales in San Francisco to 75.2 percent in Solano County. In the other seven counties, January foreclosure resales were as follows: Alameda, 51.9 percent; Contra Costa, 64.4 percent; Marin, 26.2 percent; Napa, 48.1 percent; Santa Clara, 45.6 percent; San Mateo, 34.1 percent; Sonoma, 55.6 percent.
At the extremes, Solano recorded a 126.7% year-over-year increase in sales volume (a gain of 313 transactions) on a 44.6% decrease in median sales price, while Contra Costa recorded a 99.9% increase in sales volume (a gain of 666 transactions) on a 52.5% drop in median sales price.
As always, keep in mind that DataQuick reports recorded sales (versus listed 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).