Here we are already one week into February. The most common question we are being asked is, “How are sales on the Coastside?” This is what it is looking like:
Just looking at Half Moon Bay through Montara, 6 Homes closed since January 1, 2009. The price range was from $820,000 to $400,000. There are currently 12 properties that are Sale Pending. 3 were Pending before the first of the year and 9 have gone Pending since January 1st, 2009.
The most interesting statistic is that 4 of the 12 were listed for $999,000 or more and the other 8 Pendings were listed for $660,000 or less. It is surprising that no homes went Sale Pending that were listed in the price range between $661,000 and $998,000.
7 of the pending homes are located in Half Moon Bay, 3 in El Granada and 1 each in Moss Beach and Montara.
So what does the Pacifica market look like? 14 Homes have closed since January 1st with the highest price at $700,000 and the lowest at $355,000.
There are currently 30 homes that are Sale Pending 15 of which have gone Pending in January and 6 so far this month of February. Of the 30 homes pending, 1 was listed for over $1,000,000, 5 were listed between $600,000 and $725,000 and a whopping 24 homes pending sale were listed under $599,000.
The low end of the market is certainly the most active year to date on the entire Coastside. If you want to see a Snapshot of what is going on in your neighbor, Go to our Market Snapshot report listed on our website at www.coastal-realestate.com on the right side of the home page.
Below is a quote from Rick Turley, President, San Francisco/Peninsula/North Bay Coldwell Banker Residential Brokerage, made on 2/8/2009 which falls in line with the way the local Coastside market seems to be going:
“…Interest rates so low, buyers—especially first time home buyers and some investors—are finally beginning to feel the need to come off the fence and take action. The hardest hit markets are new construction and the upper end. Both are nearly at a stand still, though, as prices begin to stabilize and we finally weed through the bank owned properties (later this year), we should begin to see a domino effect that ultimately benefits all price ranges and housing types.”
The Coast has very little new construction and we do have the Devil’s Slide Tunnel Project progressing daily.