For the first half , the average home price increased by 11% from the comparable period last year and 6% from the full year 2009. By comparison, the Coast’s prices rose by just 2% over last year thereby increasing the price differential.
That being said, the average price now stands at $934,000. By comparison, average price in full year 2009 was $878,000, $1,038,000 in 2008, $1,210,000 in 2007, and $1,127,000 in 2006. Over the past 5 years County prices are down by 17% and the Coast is down 23%.
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Despite the rising inventory and sales volume, average selling time has decreased to 58 days compared to 79 days in 2009, 53 days in 2008 and just 28 days in 2005.
Where you do see softening is in the number of towns whose average price tops $1 million. Of the 27 towns in the county that make up our MLS, 9 now exceed that amount while 7 did in 2009, 12 in 2008 and 17 in 2007.
Atherton is the most expensive with an average price of $3.6 million followed by Hillsborough at $3 million. The other towns that make up this million dollar club in descending order are: Woodside, Pescadero, Portola Valley, Menlo Park, Burlingame, Redwood Shores and Foster City.
And as expected, homes are selling for less than full price (98% now, 96% in 2009, and 100.% in 2007).
This chart shows homes prices for both the Coast and County since 2000. As you can see, the Coast still remains a bargain as well as a great place to live.
Steven Hyman is the Broker & Owner of Century 21 Sunset Properties. He can be reached at 650-726-6346 or at www.century21sunset.com
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