Wk#44 Monday Morning Market Update November 2, 2009

The year is winding down and the sales statistics have broken the 100 mark in the Half Moon Bay area and the 200 mark in Pacifica.  What a difference between these two markets.  The sales price ranges have been so much lower in Pacifica with 176 homes sold that were listed under $700,000.  That’s over 75% of the total annual sales.  Conversely in the Half Moon Bay markets, 46 homes have sold for under $700,000 which is just under 50%.  As for what is left in the low end of the market in these two areas, 30 homes in Pacifica and 23 homes in the Half Moon Bay markets are listed under $700,000.  With the Holidays approaching, the deals may be in the upper end.  Both Pacifica and Half Moon Bay markets have 11 and 13 homes respectively that are listed over $900,000.

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-118 Single Family Homes. 51 listed over 1 Million, 13 listed at $900,000 to 1 Million.
Pending Sales-36 with 14 listed under $700,000 and 12 listed over $900,000.
101 Homes Closed since January 1, 2009 with only 16 that closed over $1,000,000 and 10 between $900,000 and 1 Million.

PACIFICA, CALIFORNIA
With YTD sales of 205 and active listing at 54, Pacifica continues to be a Seller’s market.

Active Listings-54 Single Family Homes. 11 listed at $900,000 or higher and 20 listed under $600,000.
Pending Sales-42 Single Family Homes with 38 listed under $700,000 and 4 over.  5 Properties went Sale Pending this week with listed prices from $499 to $848,000.
205 Closed Sales since January 1, 2009 with 9 that were listed for over $1,000,000.  80 sales were from homes listed at $500,000 or less. 4 new sales 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