Coastside Market Update Jan 2015


San Mateo Coastside Jan 2014 Dec 2014 Jan 2015 MoM* YoY*
Closed Sales, $ Volume $25,749,020 $30,899,550 $20,204,000 -34.6% -21.5%
Closed Sales, # Homes  34  34  25 -26.5% -26.5%
Number of Homes Active  106  71  61 -14.1% -42.5%
Number of Homes Pending  32  24  38 58.3% 18.8%
Months of Inventory  3.1  2.1  2.4 14.3% -22.6%
Median Days on Market (sold)  22  14  16 14.3% -27.3%
Ave Days on Market (sold)  52  31  27 -12.9% -48.1%
Median Sale Price $693,000 $792,500 $770,000 -2.8% 11.1%
Ave Sale Price $757,324 $908,810 $808,160 -11.1% 6.7%
Ave Price per Square Foot (sold) $486 $546 $492 -9.9% 1.2%
Sold Price vs. Asking Price 102.5% 101.8% 102.6% 0.8% 0.1%


In January 2015 sales activity on the coast decreased on both a monthly and on a year over year basis.  The inventory of home available to buy also decreased.  However, it is interesting to note that the number of homes pending (in contract to be sold) increased in January indicating that even though there were less homes to sell they were being sold quicker.  This observation is supported by the January Days on Market numbers above.  Average sales prices for homes on the Coastside softened a bit in January compared to December, but we were still up from a year ago by 11.1% (median sale prices).  It is important to call out the Average Sold Price to Asking Price Ratio increased to a strong 102.6% in January!  This means we still have a formidable seller’s market with active home buyers on average willing to pay over the asking price for Coastside homes.  From my perspective as an agent specializing in Coastside real estate, the market feels like it is heating up again supported by continued low interest rates, increasing wages and employment, and low valuations relative to elsewhere on the Peninsula.

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