Coastside Real Estate Update July 2015

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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