September 2016 - Condo/Townhome Inventory Grows in Northern California Fall 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 in Northern California Fall Housing Markets

Condo/townhome year-over-year inventory grew 25% in Monterey, 23% in both Santa Clara and Santa Cruz, 14% in San Mateo, and 10% in San Benito Counties. Compared to August 2016, inventory grew 11% in San Mateo, 5% in Monterey, and 1% in Santa Clara Counties, but fell 27% in San Benito and 1% in Santa Cruz Counties.


Sales were a mixed bag in the five MLSListings counties in September. In Monterey County sales remained flat to last year, followed by Santa Cruz County down 6%. San Benito County grew 50% with six sales in September compared to four for the same period last year. Santa Clara County rose 6% and San Mateo County grew 2%. Compared to August, sales were down 42% in Monterey Counties and 9% in Santa Clara Counties, while San Benito grew 83%, Santa Cruz 9%, and San Mateo 3%.


Compared to September 2015, median price remained mostly positive. Counties of San Benito was up 34%, Monterey 14%, Santa Clara 7%, and Santa Cruz 3%, while San Mateo dropped 9%. Compared to August 2016, median price dropped across all counties: 28% in San Benito, 8% in Monterey, 6% in Santa Clara, 4% in Santa Cruz, and 2% in San Mateo.


Year-over-year average days on market (DOM) dropped 52% in Santa Cruz County and 30% in Monterey County, while growing 186% in San Benito County, 28% in San Mateo County, and 10% in Santa Clara County. Compared to last month, DOM dropped 66% in Monterey and 22% in Santa Cruz Counties, but grew 15% in San Benito, 5% in Santa Clara, and 4% in San Mateo.

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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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