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