Having closed out 2013 with fewer recorded home sales in San Francisco than the year before versus a 25 percent increase from 2011 to 2012, recorded home sales in San Francisco were down 10.2 percent on a year-over-year basis in January. The 33.1 percent drop in sales from December to January was in-line with typical seasonality.
The median price paid for a property in San Francisco was $884,500 in January, up 8.8 percent from the month before and 18.3 percent higher year-over-year, largely driven by an increase in the mix of higher priced home sales. 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 the headlines might say.
For the greater Bay Area, the recorded sales volume fell 30.1% from December to January and is down 14.6 percent year-over-year, the slowest start since 2008. The overall median sales price fell 4.3 percent to $525,000 but remains 26.5% higher on a year-over-year basis.
The sales volume in Napa was down 29.6 percent on a year-over-year basis last month, the greatest Bay Area decline. And while not a single Bay Area county recorded a year-over-year gain in sales last month, San Mateo was down the least having dropped 2.6 percent.
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 slowest for a January since 2008 [DQNews]
∙ Fewer San Francisco Homes Sold In 2013 Versus 2012 [SocketSite]
∙ Bay Area Million Dollar Homes Sales Jump, East Bay Jumps The Most [SocketSite]