Following two months of declines, San Francisco home sales jumped 16.3% on a year-over-year basis last month (615 recorded sales in April 2013 versus 529 sales in 2012), up 23.7% as compared to the month prior and versus an average March to April drop of 0.7% over the past nine years, 15% above the average number of San Francisco homes that have traded hands in April since 2004 when sales volume hit 863.
While the inventory level of homes and condos for sale in San Francisco remains down around 20 percent on a year-over-year basis (i.e., there's a smaller pool of properties from which buyers can choose), listed inventory has increased 8 percent month-over-month (i.e., the supply of new listings has outpaced the increased sales demand). San Francisco's median sales price was $815,000 in April, up 16.4% on a year-over-year basis, down 0.4% as compared to March in which the median was up 25.8% YOY.
For the greater Bay Area, recorded sales volume in April was down 0.6% on a year-over-year basis but up 4.9% from the month prior (7,621 recorded sales in April '13 versus 7,667 in April ’12 and 7,263 in March '13) with a recorded median sales price which was up 30.8% year-over-year, up 17.0% month-over-month. Foreclosure resales and short sales made up about 24 percent of the Bay Area market in April, down from 30 percent in March and 43 percent a year ago.
At the extremes for the Bay Area in April, Marin recorded an 18.2% year-over-year increase in sales volume, a gain of 53 transactions with a median price that was 29.3% higher while San Mateo recorded a 14.9% drop in volume, a loss of 99 transactions with a median sales price which was up 32.0%. 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."
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