MLSListings Silicon Valley and Coastal Regions Housing Market Overview
(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)
Inventory Nudges Up, Leads to Double Digit Increase in Sales in Key Housing Markets
Year-over-year single-family homes inventory dropped in all five MLSListings counties, with Santa Clara seeing the largest decline of 16%, followed by Santa Cruz at 15%, Monterey down 14%, San Benito dipped 13%, and San Mateo fell 4%. Compared to February 2017, inventory rose across all counties. San Mateo had the largest gain of 25%, Santa Cruz rose 21%, Santa Clara 15%, and both Monterey and San Benito increased by 3%.
March single-family home sales dropped in two of the five MLSListings’ counties year-over-year, while Santa Clara, San Mateo, and Monterey Counties saw growth of 12%, 7%, and 5%, respectively. San Benito dropped 25% and Santa Cruz dipped 16%. Compared to February 2017, sales rose substantially in all counties: 42% in San Mateo, 37% in Santa Clara, 24% in Monterey, 13% in Santa Cruz, and 12% in Santa Cruz.
Compared to March 2016, median prices gained strength in all MLSListings counties, with Monterey growing 13%, San Mateo increasing 12%, both San Benito and Santa Clara rising 7%, and Santa Cruz nudging up 3%. Compared to February 2017, median price edged up slightly: 5% in Monterey, 3% in Santa Clara and Santa Cruz, and 2% in San Benito; San Mateo dipped 1%.
Year-over-year average days on market (DOM) dropped 9% in San Mateo and was flat in Santa Clara Counties. San Benito grew 45%, Santa Cruz rose 41%, and Monterey increased 15%. Compared to February 2017, DOM dropped in all counties except Monterey which grew 8%. DOM dropped 35% in Santa Clara, 29% in San Mateo, 10% in Santa Cruz, and 2% in San Benito 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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