January Home Sales
According to Dataquick, January sales were the third lowest for a January sale since 1988. Median home price has fallen on a year-over-year basis for 14 consecutive months. The median home price of a Bay area home was $300,000 in January, down 9.1 percent from $330,000 for the month before, and down 45.5% from $550,000 in January 2008. The drop is attributed to the decline in home values, a shift towards more sales in less pricier homes, the uncertainty of the economy, and the continued surge of activities in foreclosed home purchases.
Foreclosure sales amounted to more than 50 percent of January sales in some bay area counties. Resale ranged from 16.4 in San Francisco to 75.2 percent in Solano County. Foreclosed resale sales were as followed in other counties; Marin 26.2%, San Mateo 34.1%, Santa Clara 45.6%, Napa 48.1%, Alameda 51.9%, Sonoma 55.6%, and Contra Costa at 64.4%.
Dataquick-02/19/2009