August 2016 - Condo/Townhome Inventory Grows, Sales Mixed in Northern California Housing Markets

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MLSListings Silicon Valley and Coastal Regions Housing Market Overview

(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)

Condo/Townhome Inventory Grows, Sales Mixed in Northern California Housing Markets

Condo/Townhome sales were a mixed bag in the five MLSListings counties in August. In Monterey County, sales grew 19%, followed by San Mateo County which rose 16%, while San Benito County dropped 67% with only one sale in August compared to three for the same period last year. Santa Cruz County saw a dip of 16%. Santa Clara County sales remained flat. Compared to July, sales were down 100% in San Benito, 10% in Santa Cruz, and 3% in San Mateo Counties, while Santa Clara and Monterey Counties grew 12% and 11%, respectively.


Year-over-year inventory grew 75% in San Benito, 47% in Santa Cruz, 39% in San Mateo, 37% in Santa Clara, and 33% in Monterey Counties. Compared to July 2016, inventory grew 43% in San Benito County, 15% in Santa Cruz County, and 3% in San Mateo County, but dipped 6% in Santa Clara and 3% in Monterey Counties.


Compared to August 2015, median price remained positive. San Benito County showed the most strength, up 27%. Counties of Santa Cruz rose 18%, Santa Clara 12%, San Mateo 3%, and Monterey up 2%. Compared to July 2016, median price grew 12% in San Benito County, and 6% in both Monterey and Santa Clara Counties, while dropping 8% in Santa Cruz and 6% in San Mateo Counties.


Year-over-year average days on market (DOM) dropped 60% in San Benito County, 33% in Santa Cruz County, 6% in Monterey County, while growing 22% in San Mateo and 17% in Santa Clara Counties. Compared to last month, DOM grew 65% in San Benito, 34% in Monterey, 18% in San Mateo, 5% in Santa Clara, and 4% in Santa Cruz Counties.

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Data supplied is for MLSListings Inc five home counties: Monterey, San Benito, San Mateo, Santa Clara and Santa Cruz. MLSListings data is tabulated the third of every month to the third of the following month; primarily to account for late corrections and additions by agents. These updates are often not included in most market reports. The Market Indicators Report reflects the most current information on the date the report is generated.

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