Recorded home sales volume in San Francisco fell 20.1% on a year-over-year basis last month (492 recorded sales in May 2011 versus 616 sales in May 2010), up 16.6% as compared to the month prior which was down 1.4% year-over-year.
Keep in mind California’s Homebuyer Tax Credit program created an incentive to push April closings into May last year.
That being said, May sales figures for San Francisco from 2004 to 2009 were 938 (2004), 773 (2005), 691 (2006), 616 (2007), 593 (2008), and 498 (2009), averaging 685 sales per May over those six years. And on average over the past seven years, sales volume has increased 13.8% from April to May.
San Francisco’s median sales price in May was $660,000, up 3.7% compared to May 2010 ($636,500), up a nominal 0.8% compared to the month prior.
For the greater Bay Area, recorded sales volume in May was down 15.4% on a year-over-year basis, up 2.9% from the month prior (6,988 recorded sales in May ’11 versus 8,264 in May ’10 and 6,789 in April ’11) as the recorded median sales price fell 9.3% year-over-year, up 3.3% month-over-month.
Last month’s sales were the lowest for the month of May since 2008, when 6,216 homes sold, and the third-lowest on record, behind May 1995 and 2008. May sales have ranged from a low of 6,216 in 2008 to a high of 13,567 in 2004, while the average is 9,693. Last month’s sales fell 27.9 percent below the May average.
Distressed home sales made up about 45 percent of the Bay Area’s resale market last month.
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 26.9 percent of resales in May. Last month’s figure was down slightly from 27.9 percent in April and up from 26.7 percent a year ago. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 15 years is about 9 percent.
Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 18.3 percent of Bay Area resales last month. That was up from an estimated 17.5 percent in April, 18.2 percent a year earlier, and 12.5 percent two years ago.
At the extremes, Santa Clara County recorded a 23.6% drop in sales volume (a loss of 510 transactions) on a 5.1% decline in median sales price, no counties recorded an increase in sales volume. Solano recorded a 13.7% decline in median price on a 7.7% decline in sales (50 transactions) while San Francisco was the only county to record an uptick in median.
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 May Sales: Median Price Up From April; below 2010 [DQNews]
∙ San Francisco Recorded Sales Activity Down 1.4% In April [SocketSite]
∙ San Francisco Recorded Sales Activity Down 20.1% In May [SocketSite]
∙ San Francisco Listed Sales Volume Down 14% In May (YOY) [SocketSite]
He’s It’s Back: California’s $10,000 Homebuyer Tax Credit Returns [SocketSite]