MLSListings Silicon Valley and Coastal Regions Housing Market Overview
(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)
Fall Home Sales Show Strength in Silicon Valley’s Largest Volume Markets
October single-family home sales grew 8% year-over-year in both San Mateo and Santa Clara counties, which jointly make up the largest number of transactions in MLSListings’ five-county market. However, sales dropped 12%, 10%, and 6% in Santa Cruz, Monterey, and San Benito Counties, respectively. Compared to September, sales dropped 15% in Santa Cruz County, 4% in Monterey County, and remained flat in San Benito County, while growing 11% in San Mateo and 4% in Santa Clara Counties.
Year-over-year single-family homes inventory grew 23% in San Benito, 5% in San Mateo, and 3% in Monterey Counties, while dropping 11% in Santa Cruz and 3% in Santa Clara Counties. Compared to September 2016, inventory fell 13% in both San Mateo and Santa Clara Counties, 8% in Santa Cruz, 6% in San Benito, and 3% in Monterey Counties.
Compared to last year, median prices in October remained positive in all counties, with San Mateo topping the list, up 14%, Santa Clara growing 10%, Santa Cruz rising 7%, San Benito increasing 4%, and Monterey inching up 3%. Compared to September, median price grew 4% in both San Mateo and Santa Clara Counties, and 2% in Santa Cruz County, but dropping 12% in the counties of Monterey and 4% in San Benito.
Year-over-year average days on market (DOM) grew 18%, 11%, and 7% in Santa Cruz, San Mateo, and Santa Clara Counties, respectively. San Benito County dropped 34% and Monterey County declined 21%. Compared to last month, DOM dropped 32% in San Benito and 6% in Monterey Counties, but grew 29% in Santa Cruz, 13% in San Mateo, and 7% in Santa Clara Counties, respectively.
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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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