San Mateo Coastside – September 2013 Market Update


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.