Inventory Way Down…Buyers are Ready
Sales are rising like the strands of colors on these pots. Part of the reason, the focus of this post, is because inventory is more scarce than it has been over the past three years. These levels have remained constantly low all year so far. In July 2012 in Half Moon Bay, total available single family homes for sale was 37, compared to 74 in July in 2011, about a 50% reduction in available homes for buyers to purchase.
With fewer properties to choose from, those properties that are presented and priced well are selling more quickly than the average time on market. The average Days-On-Market for July 2012 was 62, down about 41% from 106 Days-On-Market in July 2011. This has created a bit of a “seller’s market”.
The Coastside is still adjusting with fluctuations in the various market indicators…this is only one of them. Ask your Realtor for a Competitive Market Analysis to see where your property fits into the current market.
p.s. My photo of the colorful pots at Sun Studios is simply to bring some liveliness to a post that could be interpreted as dry to some readers. The pots have nothing to do with our inventory, even though they, too, are dry.