MLSListings Silicon Valley and Coastal Regions Housing Market Overview
(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)
Single-Family Sales Mixed in Silicon Valley Housing Market
Year-over-year single-family homes inventory dropped in all five MLSListings counties, with Santa Cruz seeing the largest decline of 22%, followed by San Mateo down 12%, both Monterey and Santa Clara were down 10%, and San Benito fell 2%. Compared to January 2017, inventory rose across all counties, except San Benito which dropped 3%; Santa Clara inventory rose 20%, San Mateo 13%, and both Monterey and Santa Cruz increased by 3%.
February single-family home sales dropped in two of the five MLSListings’ counties year-over-year. Only Santa Clara and Santa Cruz Counties saw growth of 7% and 4%, respectively while San Benito remained flat. Monterey County dropped 15% and San Mateo fell 5%. Compared to January 2017, sales dropped 19% in Santa Cruz and 8% in Monterey Counties, while growing 21% in San Benito and 6% in Santa Clara Counties. San Mateo County sales remained flat.
Compared to February 2016, median prices remain positive. The counties of Santa Clara grew 17%, San Mateo increased 14%, San Benito rose 11%, Monterey was up 6%, and Santa Cruz nudged up 1%. Compared to January 2017, median price grew 17% in San Mateo and 16% in Santa Clara Counties, while remaining flat in Santa Cruz. Both Monterey and San Benito Counties dropped 6%.
Year-over-year average days on market (DOM) dropped 13% in San Mateo and 11% in Santa Cruz Counties, while the counties of Monterey and San Benito grew 4%, and Santa Clara rose 3%. Compared to January 2017, DOM dropped in all counties except Santa Cruz which grew 11%. DOM dropped 33% in San Mateo, 21% in San Benito, and 16% in both Monterey and 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.
A complete report for numbers indicated in summary can be found at mlslistings.com in the Media Center.
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