Monday Morning Market Update November 9th Wk#45

This weekend the open houses were very well attended.  Lots of new buyers looking to get in on the Tax Credit extention with an April 2010 deadline to enter into a purchase contract.  Maybe we’ll see more buyer anxiety thou it is still looking like a buyers market in the Half Moon Bay communities.  Pacifica short sales are getting multiple offers with homes listed in the $400,000 range.

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.

Active Listings-122 Single Family Homes. 53 listed over 1 Million, 25 listed under $600,000
Pending Sales-30 with 8 listed under $600,000 and 9 listed over $1,000,000.
109 Homes Closed since January 1, 2009 with only 18 that closed over $1,000,000 and 29 under $600,000

PACIFICA, CALIFORNIA
With YTD sales of 214 and active listing at 60, Pacifica continues to be a Seller’s market.

Active Listings-60 Single Family Homes. 11 listed at $900,000 or higher and 27 listed under $600,000.
Pending Sales-34 Single Family Homes with 13 listed under $500,000 and 4 over.  6 Properties went Sale Pending this week with listed prices from $430 to $718,000.
214 Closed Sales since January 1, 2009 with 9 that were listed for over $1,000,000.  82 sales were from homes listed at $500,000 or less. 5 new sales this week betweem $398,000 and $750,000.

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