Local Real Estate Report: Half Moon Bay
Half Moon Bay 1998-2007 Single Family Home SALES graph:
Graph price range $450,000 to $1,150,000.
Half Moon Bay 2006-2007 Single Family Home SALES graph:
Graph price range: $920,000 to $1,120,000
2007 Median Sales Price – $957,000
3.5% Increase from 2006
2007 Average Sales Price – $1,127,763
6.3% Increase from 2006
2006 – 121 closed sales
2007 – 97 closed sales
What does this mean moving forward? As with everything on my site, this is my humble opinion unless quoted by someone else. I do think you want interpretation of this stuff…
If you have owned your home four years or more, you will have some good equity built up – IF it hasn’t been used for non ROI-type expenses. Some people have taken that equity and reinvested it to put it to work toward greater net worth. 2007 marked the lowest number of sales in HMB since 1998 (the highest year was 1999 with 196; 2006 had 121 and 2007 had 97 leaving a decrease in number of transactions by 25% from the prior year. I believe the number of sales will continue to decrease and the market will remain sluggish overall as long liquidity in the lending markets continues to be constrained and the national/regional media continue to make headlines of these issues. So, if you don’t HAVE to sell, I would wait. If you do have to sell, you need a consultation with your real estate professional sooner rather than later.
That being said, two points here: 1) there are strong cash buyers out there and should be taken seriously; and 2) there are listed homes that are selling in record time. These are the homes with location, presence and price. If you’re in the market, you and your Buyer’s Agent need to be watching.
Here’s a few recent new Half Moon Bay listings that went into contract quickly recently:
400 Medio – 23 days
225 Miramontes – 20 days
730 LeMans – 2 days
(there are others in El Granada, Moss Beach and Montara)
Half Moon Bay Condos will be in a separate post.
Other cities will be posted in separately also.