Single-Family Sales Rise by 20.7 Percent Year-Over-Year in January 2011

From Business Wire,

Completed single-family home sales in San Francisco rebounded during the month of January by 20.7 percent. Year-over-year single-family home sales rose at a noticeably accelerated pace in Districts 2 (Inner Sunset, Central Sunset, Outer Sunset, Parkside, Inner Parkside, Outer Parkside, and Golden Gate Heights)—72.2 percent and District 10 (Potrero Hill, Central Waterfront, Dogpatch, Bayview-Hunters Point, Bayview Heights, India Basin, Silver Terrace, Candlestick Point, Visitacion Valley, Little Hollywood, Sunnydale, McLaren Park, and part of Portola)—46.7 percent where the median sales prices in January 2011 were $619,000 and $414,250, respectively. Pending single-family home sales also increased by an impressive 37.5 percent year-over-year in January 2010, leading the Rosen Consulting Group to believe that the upward trend observed in property sales should continue at least through the early part of 2011.

At the current pending sales rate, this equates to a 2.9 months of supply inventory. By price segment, the months of supply inventory for homes priced less than $700,000 remains narrow at 2.3 months, while homes within the $700,000 to $1.2 million price range had 3.6 months and the supply of homes priced greater than $1.2 million edged upwards slightly from January 2010 to 4.6 months.