MLSListings Silicon Valley and Coastal Regions Housing Market Overview
(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)
New Year Rings in Drop in Single-Family Homes Inventory and Mixed Sales Even as Median Price Remains Healthy
Year-over-year single-family homes inventory dropped in all five MLSListings counties, with Monterey seeing the largest decline of 9%, followed by Santa Clara down 8%, San Mateo falling 7%, Santa Cruz dropping 5%, and San Benito dropping 1%. Compared to December 2016, inventory rose across all home counties except in Santa Cruz County which dropped 4%. San Mateo inventory rose 20%, Santa Clara 12%, and both Monterey and Santa Cruz Counties increased 2%.
January single-family home sales dropped in three of the five MLSListings counties year-over-year. Only Monterey and Santa Cruz Counties saw growth of 2% and 20%, respectively, while San Benito dropped 36%, San Mateo fell 13%, and Santa Clara decreased 9%. Compared to December 2016, sales dropped across all MLSListings counties: 66% in San Mateo, 52% in Santa Clara, 32% in Monterey, 27% in San Benito, and 19% in Santa Cruz Counties.
Compared to January 2016, median prices remain positive. The counties of San Benito and Santa Cruz grew 15%, Monterey increased 13%, San Mateo grew 5%, and Santa Clara rose 4%. Compared to December 2016, median price grew 14% in San Benito and 12% in Monterey Counties while remaining flat in Santa Cruz, but dropping 18% in San Mateo and 4% in Santa Clara Counties.
Year-over-year average days on market (DOM) grew 31% in San Benito and 6% in San Mateo Counties, while Santa Clara dropped 10%, Monterey 4%, and Santa Cruz 2%. Compared to December 2016, DOM rose in all counties except Santa Cruz, which dropped 6%. DOM grew 24% in San Benito, 13% in Monterey, 8% in San Mateo, and 3% in Santa Clara Counties.
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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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