October 2022 had the lowest number of October home sales since 2011, on a year-over-year basis, higher-price home sales of $3 million+ fell further (-43%) than the general market (-38%). And the market now enters the 2-month holiday period which typically sees the year’s lowest levels of activity: The numbers of new listings and off listings going into contract usually plunge to their annual nadirs, and an increasing percentage of sellers, especially in higher price segments, pull their homes off the market to await the new year. Still, buying and selling continue, though at reduced levels, and this can be an excellent time for buyers to aggressively negotiate prices.
A. San Francisco
Year over year, the 3-month rolling, median house sales price in October 2022, $1,650,000, was down a little over 8%. While the median 2-bedroom condo sales price in October 2022, $1,250,000, was down almost 7.5%.
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B. Santa Clara County
Comparing October 2022 with October 2021, the number of home sales was down about 40%.
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C. San Mateo County
November Stats 2022
Year over year, the 3-month rolling, median house sales price in October 2022 of $1,910,000 was down 4%.
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D. Stanford Circle
November Stats 2022
For year-over-year, the number of sales in October 2022 was down approximately 44%.
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E. Tri-Valley South Alameda
November Stats 2022
Much higher percentages of active listings are being removed from the market without being sold. This affects many statistics of supply and demand. From June 2022 – October 2022, it starts at 6% to 9% then 10% and 11%, rolled back to 10% but a sudden increase in October to 12% respectively.
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F. North Contra Costa
November Stats 2022
In the latest month, 34% of sales closed over the final list price, down from 87% in April.
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