Half Moon Bay area home values Q1-07 & Q1-08

San Mateo County Coastside – Half Moon Bay, El Granada, Moss Beach, Montara:

ALL Coastside: population approx. 23,000 (based on 2000 census)
Q1 2007 had 183 new listings.
Q1 2008 had 189 new listings.

Q1 2007 completed transactions – 66
Q1 2008 completed transactions – 34

Q1 2007 Median Price Coastside – $778,000
Q1 2008 Median Price Coastside – $748,000
Approx. 4% depreciation overall in the last year.

Half Moon Bay only: population approx. 12,000
Q1 2007 had 50 new listings.
Q1 2008 had 59 new listings.

Q1 2007 completed transactions – 28
Q1 2008 completed transactions – 20

Q1 2007 Median Price in HMB – 928,950
Q1 2008 Median Price in HMB – 972,000
Approx. 4.4% appreciation overall in the last year.

El Granada only: population approx. 6,000
Q1 2007 had 24 new listings.
Q1 2008 had 17 new listings.

Q1 2007 completed transactions – 15
Q1 2008 completed transactions – 6

Q1 2007 Median Price in EG – $785,500
Q1 2008 Median Price in EG – $840,000
Approx. 7% appreciation overall in the last year.

Moss Beach only: population approx. 2,000
Q1 2007 had 10 new listings.
Q1 2008 had 15 new listings.

Q1 2007 completed transactions – 6
Q1 2008 completed transactions – 3

Q1 2007 Median Price in MB – $749,375
Q1 2008 Median Price in MB – $790,000
Approx. 5.4% appreciation overall in the last year.

Montara only: population approx. 3,000
Q1 2007 had 13 new listings.
Q1 2008 had 11 new listings.

Q1 2007 completed transactions – 17
Q1 2008 completed transactions -5

Q1 2007 Median Price in MONT – $830,000
Q1 2008 Median Price in MONT – $740,000
Approx. 11% depreciation overall in the last year.

Half Moon Bay has the largest population of the four towns and is the only incorporated city.  El Granada, Moss Beach, and Montara are unincorporated San Mateo County.  The difference in numbers of listings and completed transactions comparing HMB to the other towns in the same year is relative due the population size differences.  We all know that statistics can be manipulated, and broad based statistics are just that, very general.  I’m sharing the median prices here because that is what the headlines report.

NAR just announced on 5/13/08 “mixed home price performance continues…”.   Inman News headline on 5/13/08 reports on NAR’s announcement that “median resale prices fall at record rate”.  Here’s the highlights:

  • Median price among 149 U.S. metro areas tracked was down 7.7% in Q1 2008 compared to Q1 2007.
  • One Hundred of the metro areas had price declines.  Sacramento, CA  topped this list, down 29.2%.
  • Forty eight of the metro areas had price increases. Binghamton, NY topped this list, up 11.8%.
  • The median price among the 149 areas tracked was $196,300.

When you are about to list your home or purchase a home, your Realtor can provide very specific data pertaining to YOUR neighborhood which will be most useful.