December 2016 - Single-Family Homes Inventory and Sales Soggy in Silicon Valley

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MLSListings Silicon Valley and Coastal Regions Housing Market Overview

(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)

Single-Family Homes Inventory and Sales Soggy in Silicon Valley

Year-over-year single-family homes inventory dropped in all five MLSListings home counties, with San Mateo seeing the largest decline of 20%, followed by Santa Clara with 14%, Monterey down 8%, Santa Cruz falling 6%, and San Benito dropping 4%. Compared to November 2016, inventory also fell across all home counties: 78% in San Mateo, 55% in Santa Clara, 36% in Santa Cruz, 24% in Monterey, and 14% in San Benito.


December single-family home sales dropped in four of the five MLSListings’ home counties year-over-year. Only Monterey County saw growth with 13%, while the counties of Santa Cruz dropped 16%, Santa Clara fell 12%, San Mateo declined 9%, and San Benito down 5%. Compared to November 2015, the same trend continued as sales grew 3% in Monterey County but dropped 39% in San Benito, 19% in Santa Clara, 17% in San Mateo, and 13% in Santa Cruz Counties.


Compared to December 2015, median prices were largely positive. The counties of San Mateo grew 34%, Santa Cruz increased 9%, Santa Clara up 7%, and Monterey rose 5%. Meanwhile, San Benito County dropped 3%. Compared to November 2016, median price grew 9% in San Mateo and 2% in Santa Cruz, but dropped 7% in San Benito, 5% in Santa Clara, and 4% in Monterey Counties.


Year-over-year average days on market (DOM) saw no change in San Mateo and Santa Clara Counties, while dropping 18% in Monterey and 8% in Santa Cruz Counties. San Benito County increased 2%. Compared to November 2015, DOM rose in all counties: 24% in Santa Cruz, 18% in San Mateo, 15% in San Benito, 7% in Monterey, and 6% in Santa Clara.

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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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