Coastside Real Estate Update November 2015

Point_Montara_Light_(2013)

 

 

 

 

 

 

San Mateo Coastside Nov-14 Oct-15 Nov-15 MoM* YoY *
Closed Sales, $ Volume $55,126,250 $44,954,900 $39,639,000 -11.8% -28.1%
Closed Sales, # Homes 51 49 37 -24.5% -27.5%
Number of Homes Active 88 94 75 -20.2% -14.8%
Number of Homes Pending 30 59 43 -27.1% 43.3%
Months of Inventory 1.7 1.9 2.0 5.3% 17.6%
Median Days on Market 26 15 16 6.7% -38.5%
Ave Days on Market 57 35 38 8.6% -33.3%
Median Sale Price $870,000 $830,000 $920,000 10.8% 5.7%
Ave Sale Price $1,080,907 $917,447 $1,071,324 16.8% -0.9%
Ave Price per Square Foot $538 $564 $556 -1.4% 3.3%
Sold Price vs. Asking Price 101.8% 104.5% 102.1% -2.3% 0.3%

 

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 2015

HMB Wine & Cheese Small

 

 

 

 

 

 

 

 

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.

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 April 2015

House of Fire

 

 

 

 

 

 

San Mateo Coastside Apr-14 Mar-15 Apr-15 MoM* YoY *
Closed Sales, $ Volume $43,555,800 $47,053,100 $69,077,888 46.8% 58.6%
Closed Sales, # Homes 53 52 68 30.8% 28.3%
Number of Homes Active 126 74 76 2.7% -39.7%
Number of Homes Pending 65 60 73 21.7% 12.3%
Months of Inventory 2.4 1.4 1.1 -21.4% -54.2%
Median Days on Market 10 12 12 0.0% 20.0%
Ave Days on Market 29 32 29 -9.4% 0.0%
Median Sale Price $730,000 $851,125 $862,500 1.3% 18.2%
Ave Sale Price $821,808 $904,867 $1,015,851 12.3% 23.6%
Ave Price per Square Foot $495 $525 $551 5.0% 11.3%
Sold Price vs. Asking Price 102.9% 102.2% 105.1% 2.8% 2.1%

 

There is only one way to describe the Coastside real estate market in April — Hot, Hot, Hot!!  “On Fire” may actually be more appropriate.  Nearly all the metrics above confirm the tongue-in-cheek analogy.  There were 68 homes sold on the Coastside in April, roughly 30 percent more than last year.  Months of Inventory on the market shrunk to less than half last year’s supply.  Home prices as measured by Median Sale Price, Average Sale Price, and Average Price per Square Foot were all up sharply versus last year.  However, the telltale sign of a market on fire is the Sold vs. Asking Price Ratio.  Anything over 100% indicates a good seller’s market since the buyers are on average paying more than what the sellers are asking.  Last month, the Sold vs. Asking Price Ratio was 105.1%!  The highest number in the over 10 years.  The crazy thing is May looks to be even hotter, ouch!

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 Market Update Feb 2015

 

San Mateo Coastside Feb-14 Jan-15 Feb-15 MoM* YoY *
Closed Sales, $ Volume $26,659,000 $20,204,000 $33,125,000 64.0% 24.3%
Closed Sales, # Homes 31 25 30 20.0% -3.2%
Number of Homes Active 112 65 63 -3.1% -43.8%
Number of Homes Pending 40 37 45 21.6% 12.5%
Months of Inventory 3.6 2.6 2.1 -19.2% -41.7%
Median Days on Market (sold) 44 16 32 100.0% -27.3%
Ave Days on Market (sold) 69 27 105 288.9% 52.2%
Median Sale Price $696,000 $770,000 $906,500 17.7% 30.2%
Ave Sale Price $859,968 $808,160 $1,104,167 36.6% 28.4%
Ave Price per Square Foot (sold) $516 $492 $585 18.9% 13.4%
Sold Price vs. Asking Price 102.5% 102.6% 99.8% -2.7% -2.6%

 

Single family home sales volume on the Coastside exploded in February.  Sales by dollar volume increased 64% over the previous month and 24% over the same time last year.  Several positive factors came together to create an exceptionally fast moving seller’s market.  Interest rates that looked like they were heading up early in the year settled back down in February possibly inspiring on-the-fence buyers into action.  A wave of new inventory also came on the market late in January allowing sidelined buyers to jump in aggressively.  Strong upward price moves in neighboring communities on the peninsula and in the valley have created some dramatic relative home values on the coast.  The spectacular weather also no doubt played a role.  Perhaps motivating a few blizzard weary New England visitors to relocate.  Unfortunately, the rash of buying during the month did leave us with only 63 active homes on the market at the end of February down from 112 last year.  Not surprising, average and median home prices also moved up sharply last month as did average prices as measured on a “per square foot” basis.  Much of the rest of the data in the chart above was influenced by the sale of a few large estates on the south coast that had been on the market a while skewing Days on the Market and Sold vs. Asking price ratios.  Still a wonderful way to start off the spring selling season.

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 Market Update Jan 2015

 

San Mateo Coastside Jan 2014 Dec 2014 Jan 2015 MoM* YoY*
Closed Sales, $ Volume $25,749,020 $30,899,550 $20,204,000 -34.6% -21.5%
Closed Sales, # Homes  34  34  25 -26.5% -26.5%
Number of Homes Active  106  71  61 -14.1% -42.5%
Number of Homes Pending  32  24  38 58.3% 18.8%
Months of Inventory  3.1  2.1  2.4 14.3% -22.6%
Median Days on Market (sold)  22  14  16 14.3% -27.3%
Ave Days on Market (sold)  52  31  27 -12.9% -48.1%
Median Sale Price $693,000 $792,500 $770,000 -2.8% 11.1%
Ave Sale Price $757,324 $908,810 $808,160 -11.1% 6.7%
Ave Price per Square Foot (sold) $486 $546 $492 -9.9% 1.2%
Sold Price vs. Asking Price 102.5% 101.8% 102.6% 0.8% 0.1%

 

In January 2015 sales activity on the coast decreased on both a monthly and on a year over year basis.  The inventory of home available to buy also decreased.  However, it is interesting to note that the number of homes pending (in contract to be sold) increased in January indicating that even though there were less homes to sell they were being sold quicker.  This observation is supported by the January Days on Market numbers above.  Average sales prices for homes on the Coastside softened a bit in January compared to December, but we were still up from a year ago by 11.1% (median sale prices).  It is important to call out the Average Sold Price to Asking Price Ratio increased to a strong 102.6% in January!  This means we still have a formidable seller’s market with active home buyers on average willing to pay over the asking price for Coastside homes.  From my perspective as an agent specializing in Coastside real estate, the market feels like it is heating up again supported by continued low interest rates, increasing wages and employment, and low valuations relative to elsewhere on the Peninsula.

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 Market Update Dec 2014

 

Coastside – Single Family Nov 2014 Dec 2014 MoM Change YoY Change
Closed Sales, $ Volume $55,126,250 $28,569,550 -48.2% -25.9%
Closed Sales, # Homes  51  31 -39.2% -26.2%
Number of Homes Active  79  62 -21.5% -38.0%
Number of Homes Pending  33  27 -18.2% -6.9%
Months of Inventory  1.5  2.0 33.3% -25.9%
Median Days on Market (sold)  26  15 -42.3% -53.1%
Ave Days on Market (sold)  57  33 -42.1% -49.2%
Median Sale Price $870,000 $780,000 -10.3% 0.6%
Ave Sale Price $1,080,907 $921,598 -14.7% 0.4%
Ave Price per Square Foot (sold) $538 $540 0.4% 19.5%
Sold Price vs. Asking Price 101.8% 101.5% -0.3% 1.7%

 

December saw a steep seasonal slowdown in home sales compared to November.  Year over year sales also slowed 26%.  However, the real story on the coast continues to be inventory.  At just 2 months of inventory we were down 33 percent from last year.  The reason appears to be quicker sales, just 33 days on average.   Sales prices per square foot edged up slightly  in December versus November but jumped nearly 20% from the previous year.  On average, sellers are still getting more than their asking price indicating continued strong demand for homes on the coastside.  Hopefully the new year will usher in more inventory for those desiring to live in this beautiful area.

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.

San Mateo Coastside – January 2014 Market Update

 

San Mateo Coastside Dec 2013 Jan 2014 %Change YoY %Change
Closed Sales, $ Volume $38,544,845 $23,956,020 -37.8% 8.0%
Closed Sales, # Homes  42  33 -21.4% -10.8%
Homes Active or Pending  114  146 28.1% 50.5%
Months of Inventory  2.7  4.4 63.0% 69.2%
Median Days on Market (sold)  32  58 81.3% 383.3%
Ave Days on Market (sold)  65  66 1.5% 88.6%
Median Sale Price $775,000 $684,000 -11.7% 21.4%
Ave Sale Price $917,734 $748,626 -18.4% 24.9%
Ave Price per Square Foot (sold) $452 $492 8.8% 23.9%
Sold Price vs. Asking Price 99.8% 102.9% 3.1% 1.8%

 

Activity on the coast visibly picked up in January with a large influx of new inventory hitting the market pushing up the available supply of home to 4.4 months, a 63% increase over last month and 69% up from this time last year.  For the most part sales trends followed seasonal patterns for the slower winter months.  However, interesting points to note are the 24% and 25% annual increases in average sale price and price per square foot respectively.  Also, the sold to asking price ratio also spiked up in January to 102.9%, potentially indicating strong demand for the available inventory.  This reverses a multi month slide in this important ratio.  Along with a months of inventory reading of greater than 6 months.  A sold vs asking price below 100% favors buyers vs sellers.

 

San Mateo Coastside – September 2013 Market Update

 

San Mateo Coastside Sep 2013 Aug 2013 % Change
Closed Sales, $ Volume $36,347,250 $42,147,388 -13.8%
Closed Sales, # Homes  48  54 -11.1%
Homes Active or Pending  236  177 33.3%
Months of Inventory  4.9  3.3 48.5%
Median Days on Market (sold)  19  18 5.6%
Ave Days on Market (sold)  84  38 121.1%
Median Sale Price $706,000 $670,750 5.3%
Ave Sale Price $759,818 $780,507 -2.7%
Ave Price per Square Foot (sold) $435 $474 -8.2%
Sold Price vs. Asking Price 100.8% 101.5% -0.7%

 

The month of September started out with a bang on the Coastside as a wave of new supply hit the local real estate market.  An increase in the supply of new homes is not unusual as prices rise as the have on the coast.  The number of homes active or pending this month increased a whopping 33.3 percent to 236 homes from 177.  Months of available inventory increased an even greater 48.5% as the seasonal slowdown in closed sales volume in September generated less sales activity to offset the increased supply.  In spite of the increase in homes on the market, well priced homes continue to move briskly.  According to data provided by MLS listings data, the median number of days on the market for a  single family home on the coast is still a low 19 days, persisting a trend we have seen all year.  Prices also remain strong especially in the sub $800,000 price range resulting in a stronger median sales price in September, up 5.3% over the previous month.  All in all, the market on the Coastside remains healthy as the dominant sellers market continues to moderate creating a more balanced environment where buyers have more choices and well priced homes sell quickly.

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.

San Mateo Coastside – August 2013 Market Update

 

San Mateo Coastside August 2013 Jul-13 % Change
Closed Sales, $ Volume $40,752,388 $41,424,788 -1.6%
Closed Sales, # Homes  52  53 -1.9%
Homes Active or Pending  208  195 6.7%
Months of Inventory  4.0  3.7 8.1%
Ave Days on Market (sold)  40  47 -14.9%
Median Sale Price $670,750 $740,000 -9.4%
Ave Sale Price $783,700 $781,600 0.3%
Ave Price per Square Foot (sold) $475 $442 7.5%
Sold Price vs. Asking Price 101.6% 102.3% -0.7%

 

August was another strong month for residential real estate on the San Mateo coast.  Although the number of homes sold and the total dollar volume of homes sold decreased slightly from July to August, this could just as likely be the result of the slower sales activity common in late summer as it could be often touted external factors such as higher interested rates.  Interesting was the sharp move up in the price per square foot ratio last month to $475 a square foot.  According to MLS Listings data, this is the highest price per square foot ratio we’ve seen on the coast in over five years.  The average sale price for homes on the coast also increased slightly to $783, 700 from $781,600 last month.  However, the median sale price dropped to $670,750 or 9.4% from July indicating a higher mix of lower priced homes.  The higher prices also brought in more sellers to increase the months of inventory to 4.0 months.  This is the most inventory we’ve had on the coast since the market shifted last spring.  The premium buyers are willing to pay moderated in August from 102.3% to 101.6% perhaps signaling  a subtle shift to a more balanced market.

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.

Coastside Homes Sold – July 2013

 

Address City Price Beds Baths SqFt Lot Size DOM
722 COLUMBUS STREET Half Moon Bay $877,000 4 3|0 2,250 6,400 Sqft 56
938 FERDINAND AVENUE Half Moon Bay $820,000 3 2|1 2,340 5,000 Sqft 40
948 SONORA AVENUE Half Moon Bay $758,000 5 3|0 2,670 5,500 Sqft 65
11 SEA CREST COURT Half Moon Bay $699,000 3 2|0 1,400 5,940 Sqft 12
179 FRANCISCO STREET Half Moon Bay $640,000 2 2|0 1,400 3,104 Sqft 21
1050 E FRENCHMANS CREEK Half Moon Bay $1,744,000 6 2|0 0 2,927,232 Sqft 243
540 BAYHILL ROAD Half Moon Bay $1,428,000 4 3|0 3,330 7,388 Sqft 33
402 CORONADO AVENUE Half Moon Bay $1,200,000 5 4|0 3,330 8,800 Sqft 8
251 GRANELLI AVENUE Half Moon Bay $910,000 3 2|1 2,940 5,500 Sqft 71
331 MIRAMONTES AVENUE Half Moon Bay $870,000 4 3|0 2,720 7,500 Sqft 26
369 SAINT ANDREWS LANE Half Moon Bay $895,000 4 3|0 2,430 7,300 Sqft 47
2060 TOURAINE LANE Half Moon Bay $839,000 4 2|0 2,060 7,360 Sqft 2
2053 TOURAINE LANE Half Moon Bay $806,000 4 3|0 2,600 6,975 Sqft 112
325 MIRAMAR DRIVE Half Moon Bay $650,000 3 1|1 1,520 10,550 Sqft 69
418 CASA DEL MAR DRIVE Half Moon Bay $704,000 4 2|0 1,460 6,300 Sqft 9
552 FILBERT STREET Half Moon Bay $629,000 3 2|0 1,690 7,353 Sqft 12
266 5TH STREET Montara $800,000 3 2|0 1,860 7,500 Sqft 12
428 FARALLONE AVENUE Montara $730,000 4 3|1 3,020 5,000 Sqft 154
1440 HILL STREET Montara $679,000 3 2|0 2,000 5,000 Sqft 9
1047 ACACIA STREET Montara $626,000 3 2|0 1,560 6,250 Sqft 31
1635 ADOBE DRIVE Pacifica $1,200,000 4 3|1 3,323 15,028 Sqft 53
220 NATAQUA AVENUE Pacifica $910,000 5 3|0 2,340 7,904 Sqft 29
345 GENEVIEVE AVENUE Pacifica $850,000 4 3|2 2,650 4,500 Sqft 30
863 VISTA MONTARA CIRCLE Pacifica $725,000 3 2|1 1,567 4,500 Sqft 12
1120 MANZANITA DRIVE Pacifica $725,000 3 3|0 1,600 9,912 Sqft 9
538 MONTEREY ROAD,#A Pacifica $777,000 3 2|1 1,520 4,400 Sqft 14
1031 RIO VISTA DRIVE Pacifica $698,000 4 2|0 1,506 5,690 Sqft 66
517 MONTEREY ROAD,#A Pacifica $726,000 3 3|0 1,760 3,430 Sqft 20
559 BEAUMONT BOULEVARD Pacifica $765,000 3 2|0 1,700 5,880 Sqft 10
23 ALVISO COURT Pacifica $665,000 3 2|0 1,500 5,600 Sqft 6
244 BERENDOS AVENUE Pacifica $658,000 3 2|0 1,320 5,371 Sqft 15
8 HAMILTON COURT Pacifica $735,000 3 2|0 1,180 4,662 Sqft 21
479 LOMA VISTA TERRACE Pacifica $640,000 3 2|0 1,290 3,800 Sqft 25
463 ANDOVER DRIVE Pacifica $667,000 4 3|0 1,460 4,360 Sqft 3
520 RIDGEWAY DRIVE Pacifica $605,000 3 2|0 1,130 5,040 Sqft 67
435 GLASGOW DRIVE Pacifica $593,000 3 2|0 1,220 5,000 Sqft 44
1239 LERIDA WAY Pacifica $665,000 3 2|0 1,240 20,122 Sqft 9
1239 GALVEZ DRIVE Pacifica $625,000 2 2|0 1,040 8,791 Sqft 7
8 CONCHITA COURT Pacifica $642,000 3 1|0 1,010 12,900 Sqft 7
336 GLENCOURT WAY Pacifica $601,000 5 2|0 1,686 7,125 Sqft 16
1259 HERMOSA AVENUE Pacifica $588,888 3 1|0 1,040 5,000 Sqft 33
111 EASTRIDGE CIRCLE Pacifica $600,000 4 2|0 1,350 4,000 Sqft 24
380 LYNBROOK DRIVE Pacifica $636,500 3 2|0 1,310 3,800 Sqft 16
411 VISTA MAR AVENUE Pacifica $525,000 2 1|0 840 6,572 Sqft 14
307 HEATHCLIFF DRIVE Pacifica $560,000 3 2|0 1,220 5,700 Sqft 5