Half Moon Bay Real Estate

Coastside Real Estate Update March 2017

San Mateo Coastside	Feb-16	Jan-17	Feb-17	MoM*	YoY *
Closed Sales, $ Volume	$31,441,012	$27,275,857	$24,778,550	-9.2%	-21.2%
Closed Sales, # Homes	29	25	24	-4.0%	-17.2%
Number of Homes Active	66	71	60	-15.5%	-9.1%
Number of Homes Pending	42	32	37	15.6%	-11.9%
Months of Inventory	2.3	2.8	2.5	-10.7%	8.7%
Median Days on Market	17	20	20	0.0%	17.6%
Ave Days on Market	75	20	14	-30.0%	-81.3%
Median Sale Price	$875,000	$928,357	$883,500	-4.8%	1.0%
Ave Sale Price	$1,084,173	$1,091,034	$1,032,440	-5.4%	-4.8%
Ave Price per Square Foot	$611	$640	$572	-10.6%	-6.4%
Sold Price vs. Asking Price	103.2%	101.5%	99.8%	-1.7%	-3.3%

Signs of a shift in the coastside real estate market are beginning to surface. Sales volume is down month over month and year over year. Median days on the market is creeping up to 3 weeks from 2.5 weeks last year. Median sales prices are holding their own, but average sales prices are notably down. However, the most telling stat is the sold vs asking price ratio which dipped slightly below the 100 percent threshold for the first time in two years. Ratios dropping below 100% historically correlate to a shift from a seller’s market to a buyer’s market. Rising mortgage rates may be beginning to drag on the market, but with a scant 60 homes for sale it’s bound to be a tug of war.

This market update includes market data for single family homes in Pacifica, Montara, Moss Beach, El Granada, Half Moon Bay, Pescadero, La Honda, and San Gregorio as provided by MLS Listings, Inc. and CoreLogic.

* MoM = Month over month change, YoY = Year over year change

Coastside Real Estate Update July 2016

08.26.16 by Donald Miele

San Mateo Coastside	Jul-15	Jun-16	Jul-16	MoM*	YoY *
Closed Sales, $ Volume	$51,721,600	$59,911,000	$59,365,129	-0.9%	14.8%
Closed Sales, # Homes	53	53	51	-3.8%	-3.8%
Number of Homes Active	100	104	104	0.0%	4.0%
Number of Homes Pending	50	56	57	1.8%	14.0%
Months of Inventory	1.9	2.0	2.0	0.0%	5.3%
Median Days on Market	14	16	14	-12.5%	0.0%
Ave Days on Market	23	19	19	0.0%	-17.4%
Median Sale Price	$855,000	$1,008,000	$1,025,000	1.7%	19.9%
Ave Sale Price	$975,879	$1,130,396	$1,164,022	3.0%	19.3%
Ave Price per Square Foot	$576	$611	$597	-2.3%	3.6%
Sold vs. Asking Price	102.8%	102.7%	104.7%	1.9%	1.8%

There have been reports in the local media lately about the real estate market on the Peninsula and the Valley leveling off and shifting from a seller’s market to more of a balanced market. As the above market data confirms, this is clearly not the case on the coast. The San Mateo Coastside has experienced continued strong demand for homes. Sale prices for homes on the coast are up over 19% from the same time last year on both an average and median price basis. Months of Inventory is holding steady at a slim 2 months and the key indicator Sold vs Asking Price stands at a very seller friendly 104.75%. That means buyers are still bidding up homes. My opinion is the relative value of homes here on the Coastside compared to elsewhere on the Peninsula is keeping things peachy for home sellers, at least for the time being.

* MoM = Month over month change, YoY = Year over year change

Coastside Real Estate Update July 2015

08.26.15 by Donald Miele

San Mateo Coastside	Jul-14	Jun-15	Jul-15	MoM*	YoY *
Closed Sales, $ Volume	$46,434,982	$44,359,043	$51,721,600	16.6%	11.4%
Closed Sales, # Homes	57	47	53	12.8%	-7.0%
Number of Homes Active	141	88	85	-3.4%	-39.7%
Number of Homes Pending	64	50	51	2.0%	-20.3%
Months of Inventory	2.5	1.9	1.6	-15.8%	-36.0%
Median Days on Market	16	13	14	7.7%	-12.5%
Ave Days on Market	33	17	28	64.7%	-15.2%
Median Sale Price	$755,000	$801,000	$855,000	6.7%	13.2%
Ave Sale Price	$814,649	$943,597	$975,879	3.4%	19.8%
Ave Price per Square Foot	$513	$594	$576	-3.0%	12.3%
Sold Price vs. Asking Price	101.8%	105.3%	102.8%	-2.4%	1.0%

Looking at the numbers for July, everything continues to look good for sellers of San Mateo Coastside real estate. The scorching hot spring market has cooled slightly, but is still quite hot. The average sale price for a Coastside single family home was $975,879 in July up from only $814,659 last year for a nice rise of 19.8 percent. Median sale prices and price per square foot trends show similar strong growth. Inventory was still low compared to last year with 1.6 months of homes on the market down from 2.5 months last year, but higher than the ridiculously low 1.2 months of inventory we saw in April. Homes continue to sell fast. It took only 14 days to sell a home in July, one day more that the previous month (median). One sign of waining strength in the market is the month over month decrease in the Sold Price vs. Asking Price ratio backing off to 102.8 percent from a super strong 105.3% in June. Anything over 100 indicates a sellers market and it certainly is still that. It will be interesting to see if the recent volatility in the stock market has any impact on the real estate data for August. We’ll see soon enough.

* MoM = Month over month change, YoY = Year over year change

Coastside Real Estate Update March 2015

04.24.15 by Donald Miele

San Mateo Coastside	Mar-14	Feb-15	Mar-15	MoM*	YoY *
Closed Sales, $ Volume	$38,833,800	$33,125,000	$47,053,100	42.0%	21.2%
Closed Sales, # Homes	44	30	52	73.3%	18.2%
Number of Homes Active	122	63	73	15.9%	-40.2%
Number of Homes Pending	59	45	60	33.3%	1.7%
Months of Inventory	2.8	2.1	1.4	-33.3%	-50.0%
Median Days on Market	25	32	12	-62.5%	-52.0%
Ave Days on Market	53	105	32	-69.5%	-39.6%
Median Sale Price	$768,500	$906,500	$851,125	-6.1%	10.8%
Ave Sale Price	$882,586	$1,104,167	$904,867	-18.0%	2.5%
Ave Price per Square Foot	$466	$585	$525	-10.3%	12.7%
Sold Price vs. Asking Price	99.9%	99.8%	99.8%	0.0%	-0.1%

You couldn’t ask for a better seller’s market than the one we currently have on the Coastside. Prices for single family homes are now back up to pre-crash highs. For sellers, all the data points look great. Sales prices are up, homes are selling at light speed ,and multiple offers are often pushing prices well above the listing price. The only drawbacks are for buyers. Although new homes are coming onto the market faster, homes are selling even quicker. The result is a super low inventory. If you’re looking to sell your home, it doesn’t get a lot better than this. If you’re buyin,g make sure you find an experienced buyer’s agent to represent you. Happy house hunting!

* MoM = Month over month change, YoY = Year over year change