San Mateo Coastside – August 2013 Market Update


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.