Coastside Real Estate Update August 2015



Spectacular summer weather and a crazy stock market may have lured more buyers to Coastside beaches than Open Houses in August. However, those that did opt for hunting houses did so aggressively.  As the data below reveals, sales volume declined sizably in August versus July and even more dramatically when compared to August of last year dropping 40.5%. We closed the month with 2.1 months of inventory or 91 Active homes for sale, both notably higher than the previous month. Well trained buyers waiting for new listings to hit the market pounced quickly and decisively turning homes over in only 18 days on average. An influx of buyers from outside the area, looking to downsize to the coast, unflinchingly bid up prices. Sale prices rose slightly for last month but double digits from last August. The telling sale price to asking price ratio was back up over 105% in August confirming that sellers were still firmly in control of the Coastside real estate market. With the lovely weather continuing into September, buyers not prepared to step in aggressively, may be better served by a day at the beach.


San Mateo Coastside Aug-14 Jul-15 Aug-15 MoM* YoY *
Closed Sales, $ Volume $64,732,038 $51,721,600 $45,350,061 -12.3% -29.9%
Closed Sales, # Homes 74 53 44 -17.0% -40.5%
Number of Homes Active 120 85 92 8.2% -23.3%
Number of Homes Pending 69 51 38 -25.5% -44.9%
Months of Inventory 1.6 1.6 2.1 31.3% 31.3%
Median Days on Market 15 14 13 -7.1% -13.3%
Ave Days on Market 32 28 18 -35.7% -43.8%
Median Sale Price $780,500 $855,000 $860,000 0.6% 10.2%
Ave Sale Price $874,757 $975,879 $1,030,683 5.6% 17.8%
Ave Price per Square Foot $491 $576 $585 1.6% 19.1%
Sold Price vs. Asking Price 102.7% 102.8% 105.2% 2.3% 2.4%

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

First Post

I will be posting here weekly with updates on the real estate scene here on the San Mateo coast.