MLSListings Silicon Valley and Coastal Regions Housing Market Overview
(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)
Condo/Townhouse Sales Are a Mixed Bag in Key Housing Markets
Condo/townhouse year-over-year inventory grew 27% in San Benito and 26% in Santa Cruz Counties, but fell 10% in San Mateo, 2% in Monterey, and 1% in Santa Clara Counties. Compared to October 2016, inventory dropped across the board: 40% in San Mateo, 30% in Santa Clara, 15% in Santa Cruz, 14% in San Benito, and 2% in Monterey Counties.
Sales were mixed in November 2016, remaining flat to last year in Monterey County, followed by a 2% drop in San Mateo County. However, in the counties of San Benito sales rose 50%, Santa Cruz grew 47%, and Santa Clara was up 21%. Compared to October 2016, sales dropped 57% in Monterey and 15% in Santa Mateo Counties, while San Benito County grew 67% on three sales versus one. Santa Cruz County was up 9% and there was a 1% percent gain in Santa Clara County.
Compared to November 2015, median price rose 15% in San Benito, 8% in San Mateo, and 6% in Santa Clara Counties. Santa Cruz County dropped 5% and Monterey County 1%. Compared to October 2016, median price grew 12% in San Mateo, 4% in San Benito, and 2% in Santa Clara Counties, but fell 10% and 9% in Santa Cruz and Monterey Counties, respectively.
Year-over-year average days on market (DOM) dropped 69% in Monterey, 62% in San Benito, and 9% in Santa Cruz Counties, while growing 28% in San Mateo and 23% in Santa Clara Counties. Compared to October 2015, DOM grew 28% in Santa Cruz, and 7% in Santa Clara Counties, and was flat in San Mateo. San Benito County rose 248%, and Monterey dropped 48%.
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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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