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MLSListings September Market Indicators |
Note to
subscribers:The National Association of
REALTORS has elected to discontinue its quarterly Economic and MarketWatch
analysis reports for our market.As a
result, MLSListings recently began publishing for our subscribers our County
Indicators Report on a monthly basis. Look for this report in the Real Estate
Executive newsletter and our online information portal in ‘What’s New’.
MLSListings’ September 2011 County Indicators Report, based on performance in
Monterey, Santa Clara, San Mateo, San Benito and Santa Cruz counties, reveals some significant drops in inventory and new listings from last year.
While partially attributable to seasonal fluctuations, this may be a trend to
watch as we move into the traditionally slower business cycle. San Benito
remains hard hit (sales volume), as do Morgan Hill and Gilroy where REOs and
Short Sales make up between 50% and 60% of active listings.
Closed
Sales – Single Family
Compared
to the same month last year, San Mateo County showed the most strength with a
25% increase in Closed Sales. San Benito had the largest drop at 12% and
Monterey sales dropped 4%. There were negligible changes in Santa Clara, which
remained flat, and Santa Cruz County was up one percent.
Compared
to the same month last year, Single Family sales decreased in all Home Counties
except in San Benito County where they were up just 5%.Closed Sales were down 15% in both Santa
Clara and Santa Cruz Counties, and down 6% and 5% respectively in San Mateo and
Monterey Counties.
The
following chart shows the largest number of Closed Sales in the Home Counties
for the month of September beginning in 2004. The comparison at the bottom
shows the percentage difference between 2011 vs. the highest number of sales in
the range.(Numbers highlighted are the
largest data point in that range).
Inventory
Compared
to the same month last year, Inventory was down in all Home Counties for the
second month in a row.Santa Clara
County showed the largest drop at 20%, followed by San Mateo County with a drop
of 16%. San Benito County inventory was down 13%, Monterey County down 12%, and
Santa Cruz County down 10%.
Compared
to last month, there were slight fluctuations of Inventory in the five Home
Counties with the exception of San Benito where there was a 12% drop. (Side
note: San Benito County had zero sales of condos/townhomes in September).
Inventory was up just 1% in San Mateo County from last month, down 4% in Santa
Cruz County, down 2% in Monterey County, and down just 1% in Santa Clara
County.
The
following chart shows the highest inventory in the Home Counties for the month
of September beginning in 2004. The comparison at the bottom shows the
percentage difference between 2011 vs. the largest number in the range.
(Numbers highlighted are the largest data point in that range)
New
Listings
Compared
to the same month last year, New Listings were down in all of the five Home
Counties for the second month in a row. San Benito County showed the largest
drop at 31%, Santa Cruz County followed at 22%, San Mateo County was down 18%,
Santa Clara County down 17%, and Monterey County was down 5%.
Compared
to last month, New Listings were also down in all the Home Counties. San Benito
County showed the largest drop at 26%, followed by Santa Cruz with a 23% drop.
Monterey County dropped 13%, San Mateo dropped 4%, and Santa Clara County
dropped 2%.
The
following chart shows the largest number of New Listings in the Home Counties
for the month of September beginning in 2004. The comparison at the bottom
shows the percentage difference between 2011 vs. the largest number of new
listings in the range. (Numbers highlighted are the largest data point in that
range)
Median
Price
Compared
to the same month last year, there was a drop in Median Price in all five Home
Counties except in Monterey County where there was a 12% increase. Both Santa
Clara and San Mateo County median prices dropped 9%, Santa Cruz County dropped
6%, and San Benito County Median Price dropped 5%.
Compared
to last month, Monterey County median price increased 11%, San Benito County
increased 3%, and Santa Cruz County increased a slight 1%. San Mateo County
decreased 14%, and Santa Clara County median price decreased 5%.
The
following chart shows the highest Median Price level in the Home Counties for
the month of September beginning in 2004. The comparison at the bottom shows
the percentage difference between 2011 vs. the highest median price in that
range. (Numbers highlighted are the largest data point in that range)
Days on
Market
Compared
to the same month last year, Days on Market decreased 29% in San Benito County,
increased by 6% in Santa Cruz County and 5% in Monterey County, and remained
flat in both San Mateo and Santa Clara Counties.
Compared
to last month, Days on Market increased by 22% in San Mateo County and 11% in
Santa Cruz County, remained flat in Santa Clara County, and dropped by 19% in
San Benito County and 2% in Monterey County.
Merced,
Stanislaus, and San Joaquin Counties – Single Family
Merced,
Stanislaus, and San Joaquin County data have been combined into one set of
graphs. (Sept. 2009 – Sept. 2011)
The
number of properties for sale in the Three County Area was down 51% in
September, slightly down from 53% in August, and the number of sold properties
was down 70% in September compared to 63% in August. The largest number of
Closed Sales for the two-year period occurred in September 2009 at 63. There
were 19 sales in September. New listings were down 46% at 44 for September
2011. The largest number of new listings occurred in March of 2010 at 114.Properties under contract dropped 14% to 38.
Average Days on Market increased 210% for the two-year period, and Median Price
dropped 18% to $155,000.Central Valley
market data is based on listing activity for MLSListings subscribers only, for
the Three County areas.
San
Francisco, Districts 1 – 10,Single Family
(Sep 2009 – Sep 2011)
The
number of properties for sale increased 7% from September 2009 to September
2011. The number of sold properties is relatively consistent, and increased 2%
this September, compared to September of 2009.There were 190 sales in September 2009 and 193 in September of 2011. New
listings were up 2% at 386, and properties under contract were up 28% at 244.
Median Price dropped 6% to $670,000 in September 2011 compared to $715,000 in
September of 2009. Days on Market were down 12%. There are roughly 3 months of
inventory, which is down 22% from September 2009.
Note: Data is tabulated from the 5th of the month
to the 5th of the following month, primarily to account for late
corrections and additions by agents; these updates are often not included in
most market reports. MLSListings’ County Indicators report reflects the most
current information on the day the reports are generated.
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