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.