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