Coastside Real Estate Update July 2016

Ritz at Dusk

 

 

 

 

 

 

San Mateo Coastside Jul-15 Jun-16 Jul-16 MoM* YoY *
Closed Sales, $ Volume $51,721,600 $59,911,000 $59,365,129 -0.9% 14.8%
Closed Sales, # Homes 53 53 51 -3.8% -3.8%
Number of Homes Active 100 104 104 0.0% 4.0%
Number of Homes Pending 50 56 57 1.8% 14.0%
Months of Inventory 1.9 2.0 2.0 0.0% 5.3%
Median Days on Market 14 16 14 -12.5% 0.0%
Ave Days on Market 23 19 19 0.0% -17.4%
Median Sale Price $855,000 $1,008,000 $1,025,000 1.7% 19.9%
Ave Sale Price $975,879 $1,130,396 $1,164,022 3.0% 19.3%
Ave Price per Square Foot $576 $611 $597 -2.3% 3.6%
Sold vs. Asking Price 102.8% 102.7% 104.7% 1.9% 1.8%

 

There have been reports in the local media lately about the real estate market on the Peninsula and the Valley¬†leveling off and shifting from a seller’s market to more of a balanced market. As the above market data confirms, this is clearly not the case on the coast. The San Mateo Coastside has experienced continued strong demand for homes. Sale prices for homes on the coast are up over 19% from the same time last year on both an average and median price basis. Months of Inventory is holding steady at a slim 2 months and the key indicator Sold vs Asking Price stands at¬†a very seller friendly 104.75%. That means buyers are still bidding up homes. My opinion is the relative value of homes here on the Coastside compared to elsewhere on the Peninsula is keeping things peachy for home sellers, at least for the time being.

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