Buyers find time is of the Essence in Half Moon Bay
The Spring market got a later start this year. I expected more listings to come on the market mid-February to mid-March. In fact, most of Spring’s homes for sale hit around the same time – mid April. To get a sense of how fast houses are selling this season, I ran some simple numbers.
The PERCEPTION is that they are flying off the market.
I split the sales in the last 60 days into two groups – 1) Under One Million dollars asking price and 2) Over One Million dollars asking price.
The UNDER Million dollar group is selling in an average of 16 days.
The OVER Million dollar group is selling in an average of 20 days.
This confirms what I have been seeing, which is that buyers are shopping and ready to buy the right house when they find it in all price ranges. This perception is so strong that if a house is still available after 30 days, the buyers begin to ask “what is wrong?” or “why is this house on the market so long?”
Perhaps its unique characteristics engage a smaller group of prospective buyers. Just because a house does not fly off the market doesn’t mean that something is wrong. The Seller sets the asking price, and any number of factors go into pricing.
So if you see the house that works for you, it is dangerous to wait in this competitive market in Half Moon Bay and the Coastside.