Coastside & Pacifica Sales: 6/30/09-6/30/10
In the last twelve months : June 30, 2009 to June 30, 2010
Coastside Sales – Half Moon Bay, El Granada, Moss Beach, Montara – SINGLE FAMILY HOMES
166 TOTAL ranging from $90,000 to $2,200,000. Of those 166:
9 were short sales ranging from $462,560 to $1,600,000 – 5% of all sales
25 were bank-owned ranging from $330,000 to $940,000 – 15% of all sales
29 total sales sold for $1,000,000 or more – (19 between June-Dec 09; 10 between Jan-June 2010) – 17% of all sales
Pacifica Sales – SINGLE FAMILY HOMES
218 TOTAL ranging from $360,000 to $1,849,000. Of those 218:
19 were short sales ranging from $450,000 to $699,000 plus 1 at $1,175,000 – 9% of all sales
33 were bank-owned ranging from $410,000 to $915,000 – 15% of all sales.
8 total sales sold for $1,000,000 or more (2 between June-Dec 09; 6 between Jan-June 2010) – 4% of all sales
Traditional sales dominate –
132 sales (80%) on the Coastside and 166 sales (76%) in Pacifica were “normal” (i.e. not distressed) sales in the last full 12 month period. Distressed properties, whether short sales or reos were NOT the dominant market force in our communities. We continue to get inquiries about short sales or bank-owned properties – the people hoping for a needle-in-the-haystack kind of deal – although those calls are slowing a bit. Most sales are for people moving here from out of the area or moving within their same community. Also, some people move to the Coastside from Pacifica and vice-versa.
Bank owned fare better than short sales –
More bank-owned properties closed than short sales. With the bank-owned properties, it’s just the lender as seller. Short sales have been a challenge for all parties involved, especially with sellers who are no longer committed to the property because there is no equity and the additional contingency of lender approval on behalf of the seller. Processes are continually changing, but within the last year I believe the dominant reason for lack of sales is that buyers didn’t want to wait as long as needed for the bank to complete their approvals.
High end sales lag –
More high-end sales on the Coastside is consistent with its larger number of high end locations, including waterfront and acreage properties, compared to Pacifica. Although it is interesting to note that there were more high-end sales in the latter half of 2009 on the Coastside (19) compared to 2010 through June (10), and there was an increase in high-end sales in Pacifica during the same period in 2010 (6) compared to the last half of 2009 there (2). Both Coastside and Pacifica show this segment of the market continues to represent a small percentage of sales in the last 12 months – 17% Coastside; 4% Pacifica.