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 blanaced 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 17.5 months supply.
Active Listings continue to stay high and inched up this week from last week. 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. 7 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 3 new Pending Sales this week, all were listed at $799,000 or less. This weeks activity was a bit of a slow down from the previous week.
Active Listings-130 Single Family Homes with 59 listed at $1 Million or more.
8 New Listings this week with 5 over 1 Million.
Pending Sales-39 Single Family Homes with 8 listed for under $500,000 and 8 over 1 Million.
3 Properties went Sale Pending this week.
57 Homes Closed since January 1, 2009 with only 8 that closed over $1,000,000 and 8 between $900,000 and 1 Million and 9 listed at $500,000 or less. One home closed this week that was listed at $799,000.
Sellers Market with few Homes for Sale – PACIFICA, CALIFORNIA with 1.58 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 1.58 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-30 Single Family Homes. 6 listed at $1,000,000 or higher and 9 listed under $600,000. NO new listings this week.
Pending Sales-59 Single Family Homes with 4 listed over $900,000 and 25 listed under $500,000 and 20 listed between 500-600,000.
6 Properties went Sale Pending this week from $849,000 to $525,000 list price.
146 Closed Sales since January 1, 2009 with 5 that were listed for over 1 Million. 64 sales were from homes listed at $500,000 or less and 39 homes listed between $500-600,000.
5 Homes Closed this week with 4 that were listed under $580,000.
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.