August is one of the slowest months in Real Estate. Last minute vacations are the culprit. The good new for the coast is that this coincides with our typical Summer weather of intermittent fog. We have just a few more weeks before Labor Day when our Fall Selling Season kicks off. September and October are historically some of our best weather months on the coast and with the low interest rates and fabulous prices, we expect to see increased sale activity.
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 again for the second week. Still, 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. 55 of the listings are listed at over 1 Million. 18 between $999-$900,000 and 27 homes listed between $500,000 and $800,000. Of the 3 new Pending Sales again this week, all were listed at $769,000 or less. This weeks activity was similar to last week and normal for the end of August.
Active Listings-133 Single Family Homes with 55 listed at $1 Million or more.
6 New Listings this week with 3 over $900,000.
Pending Sales-36 Single Family Homes with 8 listed for under $500,000 and 6 over 1 Million. The bulk of the pendings/12, were listed between $500-700,000. 3 Properties went Sale Pending this week.
60 Homes Closed since January 1, 2009 with only 10 that closed over $1,000,000, 13 between $800,000-$999,000 and 24 that were listed under $700,000. 2 homes closed this week.
Sellers Market with few Homes for Sale – PACIFICA, CALIFORNIA with 1.58 months supply.
This week, all 8 new listings were priced between $700-788,000. The 5 new pending sales this week were for properties listed between $525 -$590,000. 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-37 Single Family Homes. 4 listed at $819,000 or higher and 7 listed under $600,000. 8 new listings this week.
Pending Sales-58 Single Family Homes with 4 listed over $900,000 and 23 listed under $500,000.
5 Properties went Sale Pending this week listed from $525,000 – $590,000.
150 Closed Sales since January 1, 2009 with 5 that were listed for over 1 Million. 66 sales were from homes listed at $500,000 or less.
Considering the decreasing inventory, few new listings and higher prices for those remaining active listings, we expect to see the sales activity continue to slow down.