Coastside Market Update Dec 2014

01.10.15 by

 

Coastside – Single Family Nov 2014 Dec 2014 MoM Change YoY Change
Closed Sales, $ Volume $55,126,250 $28,569,550 -48.2% -25.9%
Closed Sales, # Homes  51  31 -39.2% -26.2%
Number of Homes Active  79  62 -21.5% -38.0%
Number of Homes Pending  33  27 -18.2% -6.9%
Months of Inventory  1.5  2.0 33.3% -25.9%
Median Days on Market (sold)  26  15 -42.3% -53.1%
Ave Days on Market (sold)  57  33 -42.1% -49.2%
Median Sale Price $870,000 $780,000 -10.3% 0.6%
Ave Sale Price $1,080,907 $921,598 -14.7% 0.4%
Ave Price per Square Foot (sold) $538 $540 0.4% 19.5%
Sold Price vs. Asking Price 101.8% 101.5% -0.3% 1.7%

 

December saw a steep seasonal slowdown in home sales compared to November.  Year over year sales also slowed 26%.  However, the real story on the coast continues to be inventory.  At just 2 months of inventory we were down 33 percent from last year.  The reason appears to be quicker sales, just 33 days on average.   Sales prices per square foot edged up slightly  in December versus November but jumped nearly 20% from the previous year.  On average, sellers are still getting more than their asking price indicating continued strong demand for homes on the coastside.  Hopefully the new year will usher in more inventory for those desiring to live in this beautiful area.

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.

San Mateo Coastside – January 2014 Market Update

02.07.14 by

 

San Mateo Coastside Dec 2013 Jan 2014 %Change YoY %Change
Closed Sales, $ Volume $38,544,845 $23,956,020 -37.8% 8.0%
Closed Sales, # Homes  42  33 -21.4% -10.8%
Homes Active or Pending  114  146 28.1% 50.5%
Months of Inventory  2.7  4.4 63.0% 69.2%
Median Days on Market (sold)  32  58 81.3% 383.3%
Ave Days on Market (sold)  65  66 1.5% 88.6%
Median Sale Price $775,000 $684,000 -11.7% 21.4%
Ave Sale Price $917,734 $748,626 -18.4% 24.9%
Ave Price per Square Foot (sold) $452 $492 8.8% 23.9%
Sold Price vs. Asking Price 99.8% 102.9% 3.1% 1.8%

 

Activity on the coast visibly picked up in January with a large influx of new inventory hitting the market pushing up the available supply of home to 4.4 months, a 63% increase over last month and 69% up from this time last year.  For the most part sales trends followed seasonal patterns for the slower winter months.  However, interesting points to note are the 24% and 25% annual increases in average sale price and price per square foot respectively.  Also, the sold to asking price ratio also spiked up in January to 102.9%, potentially indicating strong demand for the available inventory.  This reverses a multi month slide in this important ratio.  Along with a months of inventory reading of greater than 6 months.  A sold vs asking price below 100% favors buyers vs sellers.

 

San Mateo Coastside – September 2013 Market Update

10.02.13 by

 

San Mateo Coastside Sep 2013 Aug 2013 % Change
Closed Sales, $ Volume $36,347,250 $42,147,388 -13.8%
Closed Sales, # Homes  48  54 -11.1%
Homes Active or Pending  236  177 33.3%
Months of Inventory  4.9  3.3 48.5%
Median Days on Market (sold)  19  18 5.6%
Ave Days on Market (sold)  84  38 121.1%
Median Sale Price $706,000 $670,750 5.3%
Ave Sale Price $759,818 $780,507 -2.7%
Ave Price per Square Foot (sold) $435 $474 -8.2%
Sold Price vs. Asking Price 100.8% 101.5% -0.7%

 

The month of September started out with a bang on the Coastside as a wave of new supply hit the local real estate market.  An increase in the supply of new homes is not unusual as prices rise as the have on the coast.  The number of homes active or pending this month increased a whopping 33.3 percent to 236 homes from 177.  Months of available inventory increased an even greater 48.5% as the seasonal slowdown in closed sales volume in September generated less sales activity to offset the increased supply.  In spite of the increase in homes on the market, well priced homes continue to move briskly.  According to data provided by MLS listings data, the median number of days on the market for a  single family home on the coast is still a low 19 days, persisting a trend we have seen all year.  Prices also remain strong especially in the sub $800,000 price range resulting in a stronger median sales price in September, up 5.3% over the previous month.  All in all, the market on the Coastside remains healthy as the dominant sellers market continues to moderate creating a more balanced environment where buyers have more choices and well priced homes sell quickly.

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.

San Mateo Coastside – August 2013 Market Update

09.11.13 by

 

San Mateo Coastside August 2013 Jul-13 % Change
Closed Sales, $ Volume $40,752,388 $41,424,788 -1.6%
Closed Sales, # Homes  52  53 -1.9%
Homes Active or Pending  208  195 6.7%
Months of Inventory  4.0  3.7 8.1%
Ave Days on Market (sold)  40  47 -14.9%
Median Sale Price $670,750 $740,000 -9.4%
Ave Sale Price $783,700 $781,600 0.3%
Ave Price per Square Foot (sold) $475 $442 7.5%
Sold Price vs. Asking Price 101.6% 102.3% -0.7%

 

August was another strong month for residential real estate on the San Mateo coast.  Although the number of homes sold and the total dollar volume of homes sold decreased slightly from July to August, this could just as likely be the result of the slower sales activity common in late summer as it could be often touted external factors such as higher interested rates.  Interesting was the sharp move up in the price per square foot ratio last month to $475 a square foot.  According to MLS Listings data, this is the highest price per square foot ratio we’ve seen on the coast in over five years.  The average sale price for homes on the coast also increased slightly to $783, 700 from $781,600 last month.  However, the median sale price dropped to $670,750 or 9.4% from July indicating a higher mix of lower priced homes.  The higher prices also brought in more sellers to increase the months of inventory to 4.0 months.  This is the most inventory we’ve had on the coast since the market shifted last spring.  The premium buyers are willing to pay moderated in August from 102.3% to 101.6% perhaps signaling  a subtle shift to a more balanced market.

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.

Coastside Homes Sold – July 2013

09.07.13 by

 

Address City Price Beds Baths SqFt Lot Size DOM
722 COLUMBUS STREET Half Moon Bay $877,000 4 3|0 2,250 6,400 Sqft 56
938 FERDINAND AVENUE Half Moon Bay $820,000 3 2|1 2,340 5,000 Sqft 40
948 SONORA AVENUE Half Moon Bay $758,000 5 3|0 2,670 5,500 Sqft 65
11 SEA CREST COURT Half Moon Bay $699,000 3 2|0 1,400 5,940 Sqft 12
179 FRANCISCO STREET Half Moon Bay $640,000 2 2|0 1,400 3,104 Sqft 21
1050 E FRENCHMANS CREEK Half Moon Bay $1,744,000 6 2|0 0 2,927,232 Sqft 243
540 BAYHILL ROAD Half Moon Bay $1,428,000 4 3|0 3,330 7,388 Sqft 33
402 CORONADO AVENUE Half Moon Bay $1,200,000 5 4|0 3,330 8,800 Sqft 8
251 GRANELLI AVENUE Half Moon Bay $910,000 3 2|1 2,940 5,500 Sqft 71
331 MIRAMONTES AVENUE Half Moon Bay $870,000 4 3|0 2,720 7,500 Sqft 26
369 SAINT ANDREWS LANE Half Moon Bay $895,000 4 3|0 2,430 7,300 Sqft 47
2060 TOURAINE LANE Half Moon Bay $839,000 4 2|0 2,060 7,360 Sqft 2
2053 TOURAINE LANE Half Moon Bay $806,000 4 3|0 2,600 6,975 Sqft 112
325 MIRAMAR DRIVE Half Moon Bay $650,000 3 1|1 1,520 10,550 Sqft 69
418 CASA DEL MAR DRIVE Half Moon Bay $704,000 4 2|0 1,460 6,300 Sqft 9
552 FILBERT STREET Half Moon Bay $629,000 3 2|0 1,690 7,353 Sqft 12
266 5TH STREET Montara $800,000 3 2|0 1,860 7,500 Sqft 12
428 FARALLONE AVENUE Montara $730,000 4 3|1 3,020 5,000 Sqft 154
1440 HILL STREET Montara $679,000 3 2|0 2,000 5,000 Sqft 9
1047 ACACIA STREET Montara $626,000 3 2|0 1,560 6,250 Sqft 31
1635 ADOBE DRIVE Pacifica $1,200,000 4 3|1 3,323 15,028 Sqft 53
220 NATAQUA AVENUE Pacifica $910,000 5 3|0 2,340 7,904 Sqft 29
345 GENEVIEVE AVENUE Pacifica $850,000 4 3|2 2,650 4,500 Sqft 30
863 VISTA MONTARA CIRCLE Pacifica $725,000 3 2|1 1,567 4,500 Sqft 12
1120 MANZANITA DRIVE Pacifica $725,000 3 3|0 1,600 9,912 Sqft 9
538 MONTEREY ROAD,#A Pacifica $777,000 3 2|1 1,520 4,400 Sqft 14
1031 RIO VISTA DRIVE Pacifica $698,000 4 2|0 1,506 5,690 Sqft 66
517 MONTEREY ROAD,#A Pacifica $726,000 3 3|0 1,760 3,430 Sqft 20
559 BEAUMONT BOULEVARD Pacifica $765,000 3 2|0 1,700 5,880 Sqft 10
23 ALVISO COURT Pacifica $665,000 3 2|0 1,500 5,600 Sqft 6
244 BERENDOS AVENUE Pacifica $658,000 3 2|0 1,320 5,371 Sqft 15
8 HAMILTON COURT Pacifica $735,000 3 2|0 1,180 4,662 Sqft 21
479 LOMA VISTA TERRACE Pacifica $640,000 3 2|0 1,290 3,800 Sqft 25
463 ANDOVER DRIVE Pacifica $667,000 4 3|0 1,460 4,360 Sqft 3
520 RIDGEWAY DRIVE Pacifica $605,000 3 2|0 1,130 5,040 Sqft 67
435 GLASGOW DRIVE Pacifica $593,000 3 2|0 1,220 5,000 Sqft 44
1239 LERIDA WAY Pacifica $665,000 3 2|0 1,240 20,122 Sqft 9
1239 GALVEZ DRIVE Pacifica $625,000 2 2|0 1,040 8,791 Sqft 7
8 CONCHITA COURT Pacifica $642,000 3 1|0 1,010 12,900 Sqft 7
336 GLENCOURT WAY Pacifica $601,000 5 2|0 1,686 7,125 Sqft 16
1259 HERMOSA AVENUE Pacifica $588,888 3 1|0 1,040 5,000 Sqft 33
111 EASTRIDGE CIRCLE Pacifica $600,000 4 2|0 1,350 4,000 Sqft 24
380 LYNBROOK DRIVE Pacifica $636,500 3 2|0 1,310 3,800 Sqft 16
411 VISTA MAR AVENUE Pacifica $525,000 2 1|0 840 6,572 Sqft 14
307 HEATHCLIFF DRIVE Pacifica $560,000 3 2|0 1,220 5,700 Sqft 5

San Mateo Coastside – July 2013 Market Update

08.15.13 by

 

San Mateo Coastside July 2013 June 2013 % Change
Closed Sales, $ Volume $41,424,788 $51,850,363 -20.1%
Closed Sales, # Homes  53  63 -15.9%
Homes Active or Pending  195  160 21.9%
Months of Inventory  3.7  2.5 48.0%
Ave Days on Market (sold)  47  36 30.6%
Median Sale Price $740,000 $710,000 4.2%
Ave Sale Price $781,600 $823,022 -5.0%
Ave Price per Square Foot (sold) $442 $453 -2.4%
Sold Price vs. Asking Price 102.3% 102.8% -0.5%

 

Although still a strong seller’s market, the market did show signs of weakening in July.  Markedly higher mortgage rates, combined with declines in the affordability index were two of the likely culprits.  The San Mateo coast is still a great value relative to many of county’s higher priced areas.  Just how much of a value?  We will explore that further in a subsequent post.

Coastside Homes Sold – June 2013

07.20.13 by

Address City Price Beds Baths (F|P) SqFt Lot Size DOM Age 
201 MIRADA ROAD Half Moon Bay $1,575,000 3 1|0 14,810 Sqft 265 37
335 CORONADO AVENUE Half Moon Bay $1,100,000 4 3|1 3,270 17,600 Sqft 0 23
539 HIGHLAND AVENUE Half Moon Bay $905,000 4 2|1 3,030 9,200 Sqft 6 24
71 GUERRERO AVENUE Half Moon Bay $900,000 3 2|0 1,261 4,400 Sqft 95 0
238 SAN CARLOS AVENUE Half Moon Bay $740,000 3 2|1 2,010 5,000 Sqft 43 32
413 ANTOINETTE LANE Half Moon Bay $740,000 3 2|0 1,450 5,745 Sqft 17 43
131 MADRID AVENUE Half Moon Bay $655,000 3 2|0 2,000 6,250 Sqft 36 42
27 PATRICK WAY Half Moon Bay $550,000 2 2|1 1,320 984 Sqft 10 21
170 RECREATION DRIVE La Honda $904,863 2 1|1 1,410 1 Acres 0 50
1670 BUENA VISTA ROAD Montara $1,477,500 4 4|0 4,130 148,100 Sqft 33 33
459 6TH STREET Montara $899,000 3 3|0 2,214 5,000 Sqft 35 12
335 4TH STREET Montara $795,000 4 2|1 2,420 5,000 Sqft 39 40
1291 CEDAR STREET Montara $635,000 2 1|0 770 6,250 Sqft 35 42
975 BIRCH STREET Montara $620,000 3 2|0 2,010 5,250 Sqft 41 46
840 LINCOLN STREET Moss Beach $845,000 5 3|0 2,340 5,450 Sqft 85 30
299 SYCAMORE STREET Pacifica $845,000 4 3|0 2,007 2,986 Sqft 8 6
296 SEASIDE DRIVE Pacifica $750,000 3 2|0 1,410 5,300 Sqft 4 58
1012 EVERGLADES DRIVE Pacifica $745,000 3 2|1 1,490 5,050 Sqft 4 45
477 ROBERTS ROAD Pacifica $740,000 3 2|0 1,780  Sqft 57 32
989 SERENA DRIVE Pacifica $728,000 4 2|0 1,345 5,700 Sqft 17 59
471 IMPERIAL DRIVE Pacifica $655,000 3 1|1 1,230 4,000 Sqft 10 49
903 FASSLER AVENUE Pacifica $619,000 2 2|1 1,300 1,440 Sqft 23 26
1539 TERRA NOVA BOULEVARD Pacifica $610,000 3 2|0 1,470 7,500 Sqft 0 51
1235 LINDA MAR BOULEVARD Pacifica $550,000 3 1|0 1,040 8,395 Sqft 0 58
1310 ROSITA ROAD Pacifica $448,000 2 1|1 1,150 1,020 Sqft 8 40
730 DEARBORN PARK ROAD Pescadero $115,000 1 1|0 680  Sqft 106 77

San Mateo Coastside – June 2013 Market Update

07.02.13 by

 

San Mateo Coastside June 2013 May 2013 % Change
Closed Sales, $ Volume $50,425,363 $46,804,865 7.7%
Closed Sales, # Homes  61  66 -7.6%
Homes Active or Pending  224  175 28.0%
Months of Inventory  3.7  2.7 37.0%
Ave Days on Market (sold)  40  35 14.3%
Median Sale Price $710,000 $694,500 2.2%
Ave Sale Price $826,645 $709,165 16.6%
Ave Price/Square Foot (sold) $455 $456 -0.2%
Sold Price vs. Asking Price 102.6% 104.3% -1.6%

 

June was another strong month for real estate on the coast although some signs of moderation may have begun to appear.  The average sale price for homes in June was $826,645.  This was a solid 16.6% increase over the previous month resulting in a 7.7% rise in total dollar volume.  However, the median June sale price of $710,000 represented only a 2.2% increase over May.  The average price per square foot for homes sold in June of $455/sf was also virtually flat with May at $456/sf.  The total number of homes sold in June decreased from 66 to 61.  This indicates a skew toward higher priced home sales for the month.  The number of homes active or pending, months of inventory, and average days on the market (closed sales) all increased by double digit percentages, something to keep an eye on going forward.  This market update includes single family homes in Pacifica, Montara, Moss Beach, El Granada, Half Moon Bay, Pescadero, La Honda, and San Gregorio.

 

 

First Post

06.18.13 by

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

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