San Francisco Home & Condo Sales Down Sharply in January
Sales of single-family, re-sale homes and condos fell into double-digit territory last month. The 81 homes and 60 condos sold set record lows since we’ve been keeping track: January 2000.
San Francisco sales of single-family, re-sale homes dropped 38.2% from December, and were off 23.6% year-over-year. Condo sales were down 35.5% month-over-month, and off 45% compared to January 2008.
The median price for single-family, re-sale homes fell 14.2% in January from the month before, and it was down 32.4% year-over-year. The average price was off 11.7% month-over-month, and was down 36.9% compared to last January.
The median price for loft/condos in San Francisco gained 2.1% from December, but was down 9.4% year-over-year. The average price for condos rose 8.6% from December. The average price was down 13.8% year-over-year.
All of this is contrast to the rest of the Bay Area, excluding Marin which is following the San Francisco pattern, where rising sales have been the norm since the middle of last year.