Recorded home sales volume in San Francisco rose 23.3% on a year-over-year basis last month (492 recorded sales in September 2012 versus 399 sales in September 2011) but fell 21.3% as compared to the month prior, twice the average August to September seasonal drop of 9.8% recorded over the past eight years.
An average of 532 San Francisco homes have sold in September since 2004 when recorded sales volume hit at 763. And while sales volume in San Francisco this past August was the strongest since 2006, September sales volume was eight percent less than in 2009.
San Francisco’s median sales price in September was $745,000, up 21.4% on a year-over-year basis, up 6.4% as compared to August.
For the greater Bay Area, recorded sales volume in September was up 1.5% on a year-over-year basis, down 20.2% from the month prior (6,850 recorded sales in September ’12 versus 6,749 in September ’11 and 8,579 in August ’12) with a recorded median sales price which was up 17.5% year-over-year, up 4.6% month-over-month.
An August-to-September sales decline is normal for the season, although last month’s drop was exaggerated because the month started and ended with a weekend and had fewer business days. Sales for the month of September have varied from 5,014 in 2007 to 13,343 in 2003, while the average for all months of September since 1988, when DataQuick’s statistics start, is 8,572.
Home flipping has picked up this year. The number of Bay Area homes that sold twice on the open market within a six-month period rose to 3.9 percent of all homes sold in September. That was up from a flipping rate of 3.6 percent in August and up from 2.7 percent a year earlier.
At the extremes, San Francisco recorded the greatest increase in Bay Area sales volume while Solano recorded an 11.4% decrease (a loss of 69 transactions) on a 2.6% increase in median sales price, the lowest in the Bay Area. The median sales price increased 27.0% in Contra Costa with a nominal 0.6% increase 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 Median Highest in Four Years [DQNews]
∙ August San Francisco Home Sales Highest Since 2006 [SocketSite]
∙ Medians Are Up, But Don’t Confuse That With Increasing “Prices” [SocketSite]