Recorded home sales volume in San Francisco rose 24.2% on a year-over-year basis last month (524 recorded sales in November 2012 versus 422 sales in 2011), down 8.4% compared to the month prior, a slightly higher seasonal drop than the average drop of 7.0% from October to November since 2004. An average of 507 San Francisco homes have sold in November since 2004 when recorded sales volume hit at 682.
San Francisco’s median sales price in November was $728,000, up 13.0% on a year-over-year basis, down 8.4% as compared to October in which the median was up 25.1% year-over-year.
For the greater Bay Area, recorded sales volume in November was up 15.5% on a year-over-year basis, down 6.4% from the month prior (7,296 recorded sales in November ’12 versus 6,317 in November ’11 and 7,795 this past October). The recorded median sales price was up 20.8% year-over-year, up 5.3% month-over-month.
Last month’s sales count was the highest for any November since 8,042 homes were sold in 2006. November sales have varied from 5,127 in 2007 to 11,906 in 2004. The average for all months of November since 1988, when DataQuick’s statistics start, is 7,873.
Foreclosure resales – homes that had been foreclosed on in the prior 12 months – accounted for 11.5 percent of resales in November, down from a revised 11.7 percent in October, and down from 25.2 percent a year ago. Last month was the lowest since 10.1 percent in November 2007. Foreclosure resales peaked at 52.0 percent in February 2009. The monthly average for foreclosure resales over the past 17 years is about 10 percent.
Short sales – transactions where the sale price fell short of what was owed on the property – made up an estimated 23.0 percent of Bay Area resales last month. That was down from an estimated 23.5 percent in October and down from 24.9 percent a year earlier. While short sales’ share of the overall market does not appear to have changed much, the number of short sales in November was about 6 percent higher than a year ago.
At the extremes, Napa recorded a 34.3% increase in sales volume (a gain of 34 transactions) and a 21.2% increase in median sales price while Solano recorded an 11.9% increase in sales (a gain of 62 transactions) and a 16.6% increase in median sales price. The median sales price increased 26.3% in Contra Costa and 8.4% in Marin.
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).
∙ Further Gains for Bay Area Home Sales and Prices [DQNews]
∙ San Francisco Sales Volume Up 27.7% And Above Average In October [SocketSite]
∙ Recorded San Francisco Activity Up 2.9% In November, Median Falls [SocketSite]