Bay Area pending home sales fall by double digits

Offers exceed asking prices despite a decline in sales activity
  • Despite month-over-month declines, pending sales volume in the Bay Area is up noticeably from late 2014.
  • Month-over-month closed sales activity has decreased by double digits in nearly all Bay Area counties.
  • Distressed sales account for a minimal amount of transactions in San Mateo and San Francisco counties.

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Pending home sales figures for the San Francisco Bay Area indicate December and January will be down months for transaction activity. According to the California Association of Realtors (CAR), during November the number of pending sales, transactions likely to close in the next month or two, fell by nearly 12 percent month-over-month in the region. While month-to-month activity continues to decline, the volume of November pending sales did equate to a 17.7 percent rise in activity when compared to November 2014. The decline in month-to-month pending sales mirrors the double-digit drop in closed sales volume that recently occurred throughout the Bay Area. Overall, closed sales activity in November dropped by nearly 17 percent in the Bay Area and by double-digits in nearly all of the area's counties. According to a separate releaseĀ from CAR, San Francisco County experienced the largest month-to-month drop in activity, 24.2 percent. The market was followed by Contra Costa...