According to DataQuick, recorded home sales volume in San Francisco was up 50.6% on a year-over-year basis last month (500 recorded sales in March ’10 versus 332 sales in March ‘09) and up 52.9% as compared to the month prior.
For context, March sales figures for San Francisco from 2004 to 2008 were 749 (2004), 731 (2005), 631 (2006), 640 (2007), and 508 (2008). And from 2004 to 2009 the average February to March sales volume gain was 39.3%.
San Francisco’s median sales price in March was $675,000, up 11.0% compared to March ’09 ($608,000) and up 7.6% compared to the month prior.
For the greater Bay Area, recorded sales volume in March was up 10.5% on a year-over-year basis and up 40.2% from the month prior (6,992 recorded sales in March ’10 versus 6,325 in March ’09 and 4,987 in February ’10), while the recorded median sales price rose 31.0% on a year-over-year basis, up 7.3% compared to the month prior. Continue to think mix (and seasonality).
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – made up 31.7 percent of the resale market last month. That was down from 36.3 percent in February and down from 50.2 percent in March 2009. Foreclosure resales peaked at 52 percent in February 2009.
As sales of lower-cost foreclosures have tapered off over the past year, sales in many mid-to high-priced neighborhoods have picked up, helping to explain why the median sale price has posted double-digit annual gains of late. Last month 34.6 percent of the homes sold in the Bay Area were priced $500,000 or above, up from 32.6 percent in February and 24.1 percent a year ago. However, $500,000-plus sales still lag their five-year monthly average of 53.3 percent of all sales and their 10-year average of 46.0 percent.
Within the Bay Area, San Francisco recorded the greatest year-over-year increase in March sales volume while Contra Costa recorded a 13.8% decline (a loss of 281 transactions) on a 25.0% increase in median sales price. Only Napa county recorded a year-over-year decrease in median sales price (-3.4%).
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).
∙ Bay Area March home sales and median price rise [DQNews]
∙ San Francisco Recorded Sales Activity In February: Up 20.2% YOY [SocketSite]