MLSListings Silicon Valley and Coastal Regions Housing Market Overview
(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)
Condo/Townhouse Median Price Remains Strong; Inventory Remains Challenging in Key Housing Markets
Condo/townhouse year-over-year inventory grew 33% in San Benito County, but dropped 13% in Santa Clara, 10% in Monterey, 8% in Santa Cruz, and 4% in San Mateo Counties. Compared to February 2017, inventory dropped 58% in San Benito County but rose 11% in Monterey, 10% in Santa Clara, 9% in San Mateo, and 6% in Santa Cruz Counties.
Year-over-year sales were mostly positive. The counties of San Benito soared 233%, Monterey grew 11%, San Mateo rose 9%, and Santa Clara increased 5%, but Santa Cruz County dropped 29%. Compared to February 2017, sales dropped 16% in Santa Cruz County, but grew 90% in San Benito, 43% in San Mateo, 42% in Santa Clara, and 3% in Monterey Counties.
Compared to March 2016, median price rose across all MLSListings counties, with Monterey up 31%, San Mateo 14%, Santa Cruz 13%, San Benito 7%, and Santa Clara 3% in Santa Clara. Compared to February 2017, median price again rose in all counties: 37% in Monterey County, 11% in San Benito, 9% in San Mateo, 7% in Santa Cruz, and 1% in Santa Clara Counties.
Year-over-year average days on market (DOM) dropped 5% in San Benito and 4% in Santa Cruz Counties, while growing 29% in San Mateo, 20% in Monterey, and 13% in Santa Clara Counties. Compared to February 2017, DOM grew 10% in Monterey County, but dropped 36% in San Mateo, 30% in Santa Cruz, and 11% in both San Benito 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.
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