Bay Area home sales were relatively flat in April, dropping 0.9 percent year-over-year. The number of homes sold in San Francisco last month was relatively flat as well, dropping a nominal 0.5 percent versus April of 2013.
That being said, based on normal seasonality over the past decade, home sales in San Francisco have increased an average of 1.8 percent from March to April and last month’s gain of 13.8 percent did represent an above average gain, driven in part by recorded closings in new condo projects (see last paragraph below).
The median price paid for a property in San Francisco was $922,500 in April, down 2.3 percent from a record $945,000 in February but 13.2 percent higher year-over-year, driven in part by an increase in the mix of higher priced home sales. As always, keep in mind that while movements in the median sale 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.
Having peaked at $665,000 in July of 2007, the median sale price for a home in the Bay Area increased 5.4 percent to $610,000 in April, up 19.6% year-over-year and the highest median price since November of 2007. The median price had fallen to $290,000 in March of 2009.
While sales dropped in five of the nine Bay Area counties last month, sales increased 14 percent in San Mateo. At the other end of the spectrum, sales dropped 14.9 percent in Sonoma. The two biggest changes with respect to median sale prices were recorded in Alameda (up 26 percent year-over-year) and Solano (up 26.1 percent year-over-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.”