September has arrived, kicking off the second half of the year’s selling season. September and October are historically some of our best weather months on the coast and with the low interest rates and fabulous prices, we expect to see increased sale activity. However, this week 5 homes went Sale Pending which is good for the last week of the Summer.
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 blanaced market. Less than 6 months supply is a Sellers market. More than 6 months supply is a Buyers market.
Still a Buyers Market – HALF MOON BAY through MONTARA, CALIFORNIA with 16 months supply.
Active Listings are back down this week. Still, the number of active listings has not been at this level since the first of the year. This is a very encouraging sign for Sellers. 54 of the listings are listed at over 1 Million. 16 between $999-$900,000 and 16 homes listed between $500,000 and $700,000. Of the 6 new Pending Sales this week, the highest list price was $749,000. The activity was surprisingly steady for the month of August.
Active Listings-127 Single Family Homes with 54 listed at $1 Million or more.
5 New Listings this week with 1 listed at $1,00,000 plus.
Pending Sales-42 Single Family Homes with 9 listed for under $500,000 and 4 over 1 Million. The bulk of the pendings, 33, were listed between $500-900,000. 6 Properties went Sale Pending this week.
66 Homes Closed since January 1, 2009 with only 12 that closed over $1,000,000, and 35 that were listed between $600,000-$800,000. 1 home closed this week and was listed at $1,195,000 and closed at $1,175,000.
Sellers Market with few Homes for Sale – PACIFICA, CALIFORNIA with 2.2 months supply.
This week, 9 new listings with 5 listed under $600,000 and 4 over. Of the 5 new pending sales, all were listed between $595,000-$695,000. Statistics remain consistent another week with the current number of Active Listings divided by the average number of homes sold YTD, there is 2.2 months of inventory of Active listings. Sales look like they are going to slow considerably unless more listings in the lower price ranges come on the market. Most of the short sales have been sold with some still in the condo/townhouse market.
Active Listings-44 Single Family Homes. 6 listed at $800,000 or higher and 14 listed under $600,000. 9 new listings this week.
Pending Sales-49 Single Family Homes with 1 listed over $1,000,000 and 27 listed under $500,000. 5 Properties went Sale Pending this week all listed between $595,000-$695,000.
165 Closed Sales since January 1, 2009 with 8 that were listed for over $900,000. 72 sales were from homes listed at $500,000 or less. 5 homes closed this week.
This weeks new listings outpaced the homes that went sales pending which has a bit of a increase in active homes for sale. Now that September is here, we are looking to see what the new activity is going to be in Pacifica.
