MLSListings Silicon Valley and Coastal Regions Housing Market Overview
(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)
Single-Family Home Sales Unseasonably Strong in Silicon Valley Markets
November single-family home sales made substantial gains in all five MLSListings’ home counties year-over-year. San Benito County grew a whopping 66%, with the other counties following: Santa Clara 25%, San Mateo 16%, Santa Cruz 13%, and Monterey 8%. However, compared to October 2015, sales dropped 6% and 5%, respectively, in Santa Clara and San Mateo Counties and 1% in Monterey County. San Benito County rose 13% and Santa Cruz 4%.
Year-over-year single-family homes inventory dropped in three of the five home counties, with Santa Cruz County seeing the largest decline of 11%, followed by Santa Clara County with 8%, and San Mateo County down 7%. San Benito County rose 6% and Monterey County remained flat. Compared to October 2016, inventory fell across all counties: 34% in San Mateo, 31% in Santa Clara, 21% in Santa Cruz, 15% in San Benito, and 12% in Monterey.
Compared to November 2015, median prices were mixed. Santa Cruz County grew 12%, Santa Clara 5%, both San Mateo and Monterey Counties grew 2%, and San Benito County dropped 1%. Compared to October 2015, median price grew 4% in Monterey County and dropped 11% in San Mateo and 4% in Santa Clara Counties, remaining flat in both San Benito and Santa Cruz Counties.
Year-over-year average days on market (DOM) grew 13% and 10% in San Mateo and Santa Clara Counties, respectively, dropping 27% in both San Benito and Santa Cruz Counties. Monterey County fell 5%. Compared to October 2015, DOM dropped 27% in Santa Cruz and 15% in San Mateo Counties, while growing 30% in San Benito and 9% in Santa Clara Counties. Monterey County was flat.
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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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