Multiple Micro-Markets in Half Moon Bay
Sorry I haven’t written in a few weeks…I have been really busy taking care of my clients! It is definitely time to take a look at how the housing inventory is looking right now in the Half Moon Bay Coastside area. We’re reading articles about the bump up in the real estate sector of the economy, and the frustration it is causing those ready buyers who either can’t find a home that suits them or are getting out-bid in multiple offers. “Consumers are trying to find a house to buy and they can’t,” said Ivy Zelman, chief executive of research firm Zelman & Associates, from a recent WSJ article (1). I’ve selected a few price points in our local market that are getting attention…$400K-$600K; $800K-$1,000,000; and $1Million and up; and finally to compare, the entire coastside – meaning all price ranges in Half Moon Bay, El Granada, Moss Beach and Montara. These are for single family homes in the Multiple Listing Service.
As in many markets, the entry level price ranges are going the fastest. In Half Moon Bay area neighborhoods, that is in the under $600K prices. All these key market ranges are under four (4) months of inventory…except the Million Dollar and over listings. Sellers can still do well in the higher price ranges, especially now that many over-the-hill buyers who are unwilling to pay the exorbitant prices there, realize the Coastside is a relative bargain, a pleasant lifestyle and a decent commute. Even with “buyer’s market” indicators, that same market can shift on a dime and before you know it you are not the only one interested in the same house.
I recently spent several months helping a young family find a home near Montara, Moss Beach and Pacifica in the $800,000 price range. They finally got their offer accepted on the third try and are now in escrow looking forward to move-in day in the next few weeks.