San Mateo Coastside – January 2014 Market Update

 

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.