Coastside Housing Market Update

Half Moon Bay to Montara

Written on:  May 2, 2023

Updates every Tuesday Morning.

 

 

What’s Happening?

The housing market has begun to pick up steam on the Coastside as the Spring market has arrived late due to the inclement weather.  Buyers have adjusted to the new normal of higher interest rates and there remains strong demand, particularly at lower price points where we’re starting to see the return of offer dates and multiple offer situations.

 

That is not exactly the case on homes with higher price points as many homes priced above $1.7M have seen extended times on market and price reductions.  

 

The influx of new Ocean Colony builds has proven that the luxury market on the Coast is strong as well.  Two homes went pending before hitting the market and the four that hit the market last week have all received considerable interest, with one of the homes attracting a cash offer $100K above list price.

 

Statistically, single family homes on the Coast have held their list price with a sales to list ratio just over 100%, slightly down from March’s 104% but certainly a reversal of the trend which saw 7 of the 8 months prior to March with sales to list ratios below 100%.  Median days to sell increased to 30 with the median sales price climbing to $1.634M.

 

This past week saw 5 new listings hit the market.  In West Miramar, 465 3rd Ave is a large single story home with great ADU potential.  It features a 10,900 square foot lot and 2420 square feet of living space, with an area in the back with a separate entrance that features a second kitchen, bed and a bath.  It is listed at $1.699M.

 

In Ocean Colony is a large, ranch style home at 381 Cypress Point Road that features 4 beds, 3 baths and 3360 square feet of living space on a 16,650 square foot lot.  It is listed at $2.99M.

 

In Frenchman’s Creek is 617 Marsaille Lane.  Listed just under $2.1M it is a single story home featuring 5 beds, 3 baths and 3210 square feet of living space, including an expansive master bathroom that was part of a 2005 addition.

 

930 Railroad Avenue is a custom built 4 bed 3 bath homes with sweeping, unobstructed views and a reverse floorplan to showcase the views.

 

Finally, 124 Patrick is a 2 bed, 2.5 bath townhouse close to Main Street.  It is listed at $950K.

 

4 homes went into contract over the past week.  They include 2056 Avignon Place which went under contract in just 5 days, 715 California Ave in Moss Beach which went pending after a significant price reduction.  454 Sevilla Ave went pending after 25 days on market in its second foray, and 328 Myrtle St went contingent after 65 days.

 

What Does it Mean? 

The activity on the new construction in Ocean Colony signifies that there is high demand at all price points here on the Coast and that buyers will pay for quality.  With increased competition at lower price points, the market is beginning to look more and more like it did here on the Coast over the past several years than how the year has started.

 

While we haven’t reached the point where every home is subject to a bidding war with massive overbidding, buyers need to act quickly and aggressively on homes that interest them. 

Where are Interest Rates?

According to Mortgage News Daily, the 30 year fixed rate sits at 6.58% as rates have largely settled in the mid 6% range.  The 30 year jumbo sits at 6.2% where it continues its steady creep upwards.

 

Off Market Happenings

 The is lots of off market activity, with homes in Ocean Colony, Clipper Ridge and Montara available.

Please contact me directly for more information about any off market homes.