Single-Family Homes Fell to Five Year Low in February
The population inflow into the Bay Area is declining, and now single-family home sales in San Francisco hit a remarkable milestone in a five-year sales low this past February. This is down 4 percent from January. Socketsite stated that San Francisco sales of single family homes and condos totaled 308 in February 2017, down 27 percent from February 2016.
According to a story in bizjournals.com Socketsite is quoted, “As we noted five months ago, the recorded sales volume in San Francisco was being goosed by contracts for condos in new developments that were signed (‘sold’) many months prior but were closing escrow in bulk as the buildings came online in the middle of 2016. At the same time, signatures on new contracts were down 25 percent in 2016 despite an average of nearly 50 percent more inventory throughout the year and new condo sales dropped to a multi-year low in January.” The quote continues, “And while many continue to finger a ‘lack of inventory’ for the anemic sales trend, listed inventory in San Francisco is running at a five-year high.”
As well, median prices in February 2017 were 13.8 percent lower than April 2016, a record high month for median prices.