While a seasonal decline in home sales from October to November is to be expected with an average drop in San Francisco of 4.8 percent over the past ten years, the recorded sales activity for homes in San Francisco not only fell 6.7 percent from this past October to November but dropped 13.9 percent year-over-year, the second greatest year-over-year decline in over two years.
The median price paid for the 544 San Francisco homes that closed escrow in November was relatively unchanged from October, down a nominal 0.2 percent to $843,000 which is up 15.8 percent year-over-year. As always, 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 headlines might say.
For the greater Bay Area, the recorded sales volume of homes in November dropped 12.3 percent from October and fell 10.9 percent year-over-year. The Bay Area’s median sales price was up 1.9 percent to $550,000 from October to November, up 25.6 percent year-over-year.
The resale of foreclosed upon properties and short sales across the Bay Area made up 12.8 percent of the market in November, down from 13 percent in October and roughly a third of the 35.7 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 Slow, Prices Continue to Rise [DQNews]
∙ San Francisco Sales Tick Up, Median Gain Declines To 15 Month Low [SocketSite]