MLSListings Silicon Valley and Coastal Regions Housing Market Overview
(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)
Home Sales Dip but Prices Stable in Northern California Fall Housing Markets
After an uptick in August, single-family home sales dropped in three of the five MLSListings counties in September – down 25% in Santa Cruz, 19% in San Mateo, and 4% in San Benito Counties. Sales remained flat in both Monterey and Santa Clara Counties. Year-over-year comparison shows Santa Cruz County sales dropped 18%, followed by San Mateo County down 11%, and Santa Clara County down 3%. To the contrary, San Benito County sales grew 12% and Monterey County was up 2%.
Year-over-year single-family homes inventory grew 25% in San Benito, 17% in San Mateo, and 4% in both Monterey and Santa Clara Counties, while dropping 8% in Santa Cruz County. Compared to August 2016, inventory grew 11% in San Mateo and 2% in Santa Clara Counties, while dropping 6% in Santa Cruz, 5% in San Benito, and 2% in Monterey Counties.
Compared to last year, median prices in September remained positive in all counties: Monterey showed the most strength up 16%, San Benito grew 13%, San Mateo rose 8%, Santa Clara increased 5%, and Santa Cruz inched up 3%. Compared to August, median price grew 8% in Monterey County, 3% in San Mateo County, and 2% in Santa Clara County. Santa Cruz County dropped 6%. San Benito County fell 3%.
Year-over-year average days on market (DOM) grew 11%, 12%, and 13% in San Benito, Santa Clara, and San Mateo Counties, respectively. Santa Cruz County dropped 18%, and Monterey County declined 3%. Compared to last month, DOM dropped 16% in Santa Cruz, 7% in San Mateo, 4% in Santa Clara, and 2% in San Benito Counties, but grew 12% in Monterey County.
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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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