With recorded sales volume falling an average of 7.9 percent from June to July over the past six years, a seasonal decline is to be expected, but a 22.4 percent drop in sales from June (563) to July (437) this year according to Redfin might raise an eyebrow or two.
And perhaps even more telling, sales volume appears to have fallen 24.9 percent on a year-over-year basis in July with sales of single-family homes falling 20.3 percent (from 281 to 224) and condos falling 29.7 percent (from 290 to 204).
It’s the first year-over-year decline in terms of sales volume in San Francisco since August 2009 and suggests tax credits have been (temporarily) stimulating the San Francisco market more than some might have thought.
Redfin subsequently reported year-over-year San Francisco sales volume declines of 22.5 percent in August and 29.9 percent in September. And according to their latest report, October sales volume in San Francisco (423) was down 27.3% on a year-over-year basis, down 20.5 percent for single-family homes.
As plugged-in people know, listed housing inventory in San Francisco hit a new half-decade high (1,985) at the end of October, up 42 percent on a year-over-year basis.
∙ Redfin Reports: San Francisco Sales Volume Falls 24.9% YOY In July [SocketSite]
∙ Bay Area Real Estate Enters the Twilight Zone [Redfin]
∙ San Francisco Listed Housing Inventory Hits New Half-Decade High [SocketSite]