ABSORPTION RATE
Absorption Rate is the number of months it takes to sell the current inventory at the present rate of sales.
6 months supply is a balanced market. Less than 6 months supply is a Sellers market.
More than 6 months supply is a Buyers market.
Still a Buyers Market – HALF MOON BAY through MONTARA, CALIFORNIA – WITH 17.4 MONTHS SUPPLY.
Active Listings continue to stay high though down from past weeks. The number of active listings has not been at this level since the first of the year. This is a very encouraging sign for Sellers. Still, just under half of the listings are listed at over 1 Million and 12% at $600,000 or less. 8 of those listings are located at Martins Beach which continues to attract buyers even though the properties will have to be abandonded in 12 years.
Of the 10 new Pending Sales this week, 3 were listed at $1,000,000 plus. 10 excepted offers this week is a real increase for this market area.
Active Listings-129 Single Family Homes with 57 listed at $1 Million or more.
4 New Listings this week with 2 over 1 Million. Active listings are finally selling.
Pending Sales-39 Single Family Homes with 21 listed for under $700,000 and 9 over 1 Million.
10 Properties went Sale Pending this week with 3 that were listed at over $1 million
55 Homes Closed since January 1, 2009 with only 8 that closed over $1,000,000 and 8 between $900,000 and 1 Million and 15 listed at $600,000 or less. Two homes closed this week. One was listed at $999,000 and the other at $599,000
Sellers Market with few Homes for Sale – PACIFICA, CALIFORNIA WITH 2 MONTHS SUPPLY.
Statistics remain consistent another week With the current number of Active Listings divided by the average number of homes sold YTD, there is 2 months of inventory of Active listings. Sales look like they are going to slow considerably unless more listings in the lower price ranges come on the market. Most of the short sales have been sold.
Active Listings-38 Single Family Homes. 9 listed at $998,000 or higher and 12 listed under $600,000. 5 new listings this week with 4 listed between $500-600,000 New listings are few.
Pending Sales-59 Single Family Homes with 4 listed over $900,000 and 27 listed under $500,000.
5 Properties went Sale Pending this week with 4 listed under $550,000 and one over.
141 Closed Sales since January 1, 2009 with 5 that were listed for over 1 Million. 62 sales were from homes listed at $500,000 or less and 37 homes listed between $500-600,000.
4 Homes Closed this week that were all listed under $600,000.
Considering the decreasing inventory, few new listings and higher prices for those remaining active listings, we expect to see the sales activity continue to drop.