“Home” Takes on New Meaning in Challenging Year
Few of our expectations in 2020 proved to be useful, as the term “unprecedented times” infiltrated our media, inboxes and vernacular. For many, these changes have fueled a re-examination of how their home functions as a workspace, school and sanctuary.
Why we move is rarely the result of a neutral cause; more typically it is the result of a hardship or good fortune, and an emotionally charged experience. Hearts are heavy and hopeful, and yet creating a safe and comfortable home base has never been more essential.
Despite the circumstances, our beautiful and generous Coastside community has seen increased interest and activity in the housing market. From Pacifica to Pescadero, average home sale prices for single family residences have increased from $1,225,848 in July 2019 to $1,321,048 as of July 2020.
On average, days on the market in July 2020 were 16, and homes sold for 2.2 percent over asking price. Last summer, homes were on the market for nearly twice the time, yet selling for around 5 percent over asking price. For comparison, over the hill, from Burlingame to Redwood City, average days homes spent on the market in July 2020 was also 16; and on average homes sold for 1 percent over asking.
Coastside housing inventory continues to drop, perhaps posing a challenge for prospective buyers and a golden opportunity for sellers.
Additionally, as of July 2020, the Coastside is at one month of inventory. Months of inventory is a measure of how fast the current existing homes on the market would sell out if no new homes were listed. And homes continued to sell at the average rate per previous year to date. A confluence of factors is fueling strong demand, including low interest rates and changes to in-person work requirements. As a result, the price of single-family homes (townhouses and condos included) on the Coastside has been bolstered up over $1.3 million since June 2020.
Our Coastside community has generated and inspired so much good news in what can only be described as a challenging year. From random acts of kindness and hand-painted signs sparking joy, to the massive coordinated efforts by our local nonprofits and emergency responders, the heartwarming examples are too numerous to list but the collective impact is palpable and deserves recognition.
The Coastside is a treasure not only for its natural offerings, but for its people. It’s no surprise that it is currently a popular place to be!