Having dropped 21 percent on a year-over-year basis in September, recorded sales activity for San Francisco homes ticked up 3.7 percent on a year-over-year basis in October, up 14.1 percent from September and versus an average seasonal gain of 3.4 percent over the past ten years.
Having dropped for three months in a row, the median price paid for a home in San Francisco ticked up 3.0 percent in October to $845,000 and is up 6.4 percent on a year-over-year basis, the smallest year-over-year change since July of 2012. Keep in mind that while movements in median sales price are a great measure of what’s in demand and selling, they’re not a great measure of actual appreciation despite what many headlines might say.
For the greater Bay Area, recorded sales volume in October gained a seasonal 6.4% from September but fell 3.9 percent year-over-year while the median sales price gained 1.8 percent to $539,000 in October and is up 29.7 percent year-over-year.
Foreclosure resales and short sales made up 14 percent of the Bay Area market in October, up from 12.2 percent in September but versus 35 percent at the same time last year.
As always, keep in mind that DataQuick reports recorded sales which not only includes activity in new developments, but contracts that were signed (“sold”) months prior but are just now closing escrow (or being recorded) and any properties that were sold “off market.”
∙ Bay Area Home Sales Ease Back; Median Sale Price Edges Higher [DQNews]
∙ Home Sales In San Francisco Slip Again In September [SocketSite]