Marian’s Market Morsel: Condos
As a follow up to the June 14, 2008 post about the Half Moon Bay Coastside single family homes market, here’s a look at what’s going on in the Condo market:
Inventory – It won’t be accurate to take the same format as I used for single family homes. Due to the very small market it won’t show much:
- May 07 – 9 months of inventory; 1 sale ($620,000)
- January 08 – 11 months; 0 sales
- May 08 – 14 months; 1 sale ($489,000)
Sales did occur in other months; I’ll present the information by condo development. There are no condominiums in Moss Beach or Montara; there was no activity in El Granada. Therefore this is only for Half Moon Bay. Nineteen condo sales occurred from May 1, 2007 to May 31, 2008.
5 in Cypress Cove – average SP $721,600 (3 3br; 2 2br)
3 in Ocean Corners – average SP $543,000 (1 3br; 2 2br)
4 in Amesport Landing – average SP $475,250 (all 2 br)
7 in Pilarcitos Park – average SP $445,000 (1 3br; 6 2br)
As of today, there are 4 pending with an average list price of $443,500.
There are now 8 active condo listings with an average list price of $538,000.
This Altos graph shows the listing trends for the local condo market and why it’s important to know the specifics of the quartile you’re researching before pricing your condo for sale or making a purchase offer.