Prices Up, Sales Down in San Francisco

San FranciscoLast month, the number of Bay Area home sales slowed to a crawl and hit its lowest level since the recession in 2008, according to the latest report from DataQuick. A slowdown is normal for January, but even compared with January 2014, sales are down, dropping 5.5 percent to a seven-year low of 4,439 houses and condos for the whole Bay Area. Meanwhile, the median price paid is still climbing; it rose 9 percent year over year to reach $572,000, compared with $525,000 last January. In fact, last month was our 34th month straight of a year-over-year price gains. Small consolation: Price growth has slowed since January 2014, when median prices had increased a whopping 26.5 percent over January 2013. At least we’ve dropped to single-digit price hikes! Woohoo.

In San Francisco proper, at least, this January’s prices are pretty flat compared with last year’s. The median sale price is up just $1,000 from January 2014, standing at $885,500. Sonoma, Napa, and Marin saw the highest year-over-year price increases, of 11 percent, 9.5 percent, and 9 percent, respectively.

Absentee buyers (mostly investors) accounted for 21 percent of Bay Area homes in January, down from 24.5 percent in January 2014.

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Authored By Lamar Anderson – See the Full Story at Curbed

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