Monday Morning Market Update Wk#48 December 7, 2009

This past week, our listings all had multiple showings.  The open houses this past Sunday were slow.  Could have been the weather, the football games or the season.  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 $900,000  plus price range is finally seeing activity with 25% of sales year to date.

Active Listings-106 Single Family Homes. 45  listed over $1,00,000, 18 listed under $600,000. 6 New Listings this week with 4 having been on the market and now relisted and  1 over $1Million.
Pending Sales-25 with 9 listed under $600,000 and 8 over $900,000.  4 pending sales this week with 1 over 1Million.
124 Homes Closed since January 1, 2009 with  32 that closed under $600,000 and 32 over $900,000.  3 closings this week with 1 listed over 2 Million.

PACIFICA, CALIFORNIA
With YTD sales of 224 and active listing at 49, Pacifica continues to be a Seller’s market.

Active Listings-49 Single Family Homes. 10 listed over $900,000, 21  listed under $600,000.  7 new listings with 4 under $600,000 and 1 over 1 Million.
Pending Sales-47 with 20 listed under $500,000. 3 new Pendings this week.
224 Homes Closed since January 1, 2009 with  83 that closed under $500,000 and 73 between $500,000- $600,000.  2 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