Recorded home sales volume in San Francisco fell 1.8% on a year-over-year basis last month (327 recorded sales in January 2012 versus 333 sales in January 2010), down 34.5% as compared to the month prior, right in line with an average December to January drop of 34.3% over the past seven years. An average of 366 San Francisco homes have sold in January since 2004 when recorded sales volume hit at 558.
San Francisco’s median sales price in December was $602,500, up 2.1% on a year-over-year basis and 1.3% as compared to December in which the median sale price was down 7.8% year-over-year.
For the greater Bay Area, recorded sales volume in January was up 10.3% on a year-over-year basis, down 26.9% from the month prior (5,479 recorded sales in January ’12 versus 4,966 in January ’11 and 7,494 in December ’11) while the recorded median sales price was down 3.6% year-over-year, down 7.3% month-over-month.
Last month distressed property sales – the combination of foreclosure resales and “short sales” – rose to 51.9 percent of the Bay Area resale market. That’s up from 48.5 percent in December and down slightly from 54.5 percent in January 2011.
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 28.0 percent of resales in January. That was up from a revised 27.8 percent in December, and down from 35.0 percent a year earlier. 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 23.9 percent of Bay Area resales last month – the highest for the current housing cycle. That was up from 20.7 percent in December and up from 19.5 percent a year earlier.
At the extremes, Sonoma recorded a 29.8% increase in sales volume (a gain of 97 transactions) on a 4.2% decline in median sales price, while Napa recorded a 21.2% decrease in sales (a loss of 25 transactions) on a 5.6% increase in median price. The median sales price in San Mateo dropped 7.8% as sales increased 17.7%. Only San Francisco and Napa counties recorded year-over-year declines in sales volume.
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 Housing Market Logs Higher Sales, Lower Prices [DQNews]
∙ San Francisco Sales Activity Ticks Up In December, Median Ticks Down [SocketSite]