Monday Morning Market Update November 23, 2009 Wk#46

This weekend the open houses were very well attended once again. Buyers are looking at properties for the second or third time, still trying to make a decision to purchase.  Some buyers have lost a few houses they liked due to waiting too long to make an offer before the house got sold.  A home that sold for $1.9 million 2 years ago, closed for $1.1 million last week.  This will be the time that will be remembered as having some of the best real estate deals.  Inventory is low due to homes taken off the market as the Holiday Season approaches.

Still a Buyers Market – HALF MOON BAY through MONTARA,CALIFORNIA with just under half of the listings listed at over 1 Million. The Million plus price range is finally seeing activity with 20% of sales in that price range.

Active Listings-108 Single Family Homes. 46  listed over $1,00,000, 17 listed under $600,000
Pending Sales-24 with 11 listed under $700,000 and 7 over $1 Million.
121 Homes Closed since January 1, 2009 with  31 that closed under $600,000 and 21 over 1 Million.

PACIFICA, CALIFORNIA
With YTD sales of 214 and active listing at 50, Pacifica continues to be a Seller’s market.

Active Listings-50 Single Family Homes. 10 listed over $900,000, 21 listed under $600,000
Pending Sales-44 with 18 listed under $500,000. 6 new Pendings this week. 3 under $500,000
217 Homes Closed since January 1, 2009 with  82 that closed under $500,000 and 71 between $500,000- $600,000.  No Closings this week

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