Market Morsel for Coastside & Pacifica: Jan 2012, Jan 2013

This summary of the Coastside and Pacifica markets show the number of distressed sales are DOWN from a year ago.  The number of overall sales is DOWN from a year ago.  The reason for decreased sales is lack of inventory.  The buyers are waiting to find the right home; and the sellers are waiting to make sure the market is really stabilizing.   This is consistent with what we are hearing in regional and state market reports (see below).

Prices are STABLE AND INCREASING at the lower and middle ends of the market, and STABLE at the upper end of the market.  Even though the lowest sale price occurred this January for $305K, it was the only REO sale, a small house adjacent to the highway and listed by an out of area REO agent.  An additional Million Plus sale occurred off market this month.  My data is up until Jan 28, 2013.

Coastside:  January 2013 – 12 CLOSED ESCROWS.  Sale prices ranged from $305,000 to $1,450,000.  Two of those are Million $ plus sales.  One was an REO; One was a short sale. 

Coastside:  January 2012 – 17 CLOSED ESCROWS.  Sale prices ranged from $335,000 to $2,200,000.  One of those sales was Million $.  Four (4) were REO sales; Four (4) were short sales.

Pacifica:  January 2013 – 18 CLOSED ESCROWS.  Sale prices ranged from $433,000 to $725,000.  One was an REO sale; Four (4) were short sales.

Pacifica:  January 2012 – 41 CLOSED ESCROWS.  Sale prices ranged from $337,000 to $1,315,000.  There was the one sale over One Million Dollars.  The next highest sale price was $773,000.   So when looking at Pacifica statistics, there will be this one outlier.  There were seven (7) REO sales, and nine (9) short sales.