This is our Fall Selling Season and statistics have been really consistent since Labor Day. Any sales have been replaced with new listings which are being priced to sell. Buyers have been out at Open Houses and many are looking for their second or third home as they think about coming to the coast. Yesterday, in the Real Estate section of the Sunday San Francisco Chronicle, several buyers that came in to our open houses quoted an article that suggested there is going to be another wave of homes that will be in default as their interest rates adjust. Yes, this is sometime next year, however, it suggests that we have a new bottom to our market in the future. The story continues to remain the same as it always has, if you don’t plan on a purchase for the short term, then you won’t need to worry. As for sellers, if you’re moving up or even in the same geographic area, you will benefit from a new purchase which will make up for any loss on your sale.
Still a Buyers Market – HALF MOON BAY through MONTARA, CALIFORNIA with 15.7 months supply. This is a decrease from past weeks.
Still, just under half of the listings are listed at over 1 Million and 10% at $600,000 or less. The low end 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. Only 2 new Pending Sales this week again, same as last week.
Active Listings-134 Single Family Homes with 54 listed at $1 Million or more.
10 New Listings this week with 6 listed for over $900,000.
Pending Sales-37 Single Family Homes with 7 listed for under $500,000 and 5 over 1 Million.
2 Properties went Sale Pending this week.
76 Homes Closed since January 1, 2009 with only 13 that closed over $1,000,000 and 8 between $900,000 and 1 Million and 11 listed at $500,000 or less. 5 homes closed this week once again with 4 listed between $660,000-$815,000.
Sellers Market with few Homes for Sale – PACIFICA, CALIFORNIA with 2.7 months supply. Inventory held steady this week.
Statistics remain consistent another week with the current number of Active Listings divided by the average number of homes sold YTD, there is 2.7 months of inventory of Active listings. 8 new listings this week all listed betwen $500,000-$650,000.
Active Listings-53 Single Family Homes. 11 listed at $900,000 or higher and 15 listed under $600,000.
Pending Sales-50 Single Family Homes with 17 listed under $500,000 and 18 listed between $500,000 and $600,000.
6 Properties went Sale Pending this week with 5 listed under $550,000
172 Closed Sales since January 1, 2009 with 6 that were listed for over 1 Million. 74 sales were from homes listed at $500,000 or less.
2 Homes Closed this week listed under $569,000.
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.