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October Real Estate & Housing Update: Remarkable Rise in Northern Silicon Valley Single Family Home Sales
11/7/2013

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MLSListings Real Estate & Housing Update: October 2013

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

Remarkable Rise in Northern Silicon Valley
Single Family Home Sales

The numbers show that the market has stabilized in most geographic regions and is about ready for “a long winters nap.” But, something was definitely happening in San Mateo County. Single family home sales were UP from September. Comparatively, single family home sales, inventory and average days on market were fairly stable in other regions. San Mateo County showcased a 28% increase in single family sales rising to 453 in October. Most notable was a 78% increase in sales in the $3-5 million price range and a 61% increase in sales in the $1.2-1.4 million range.

Single family inventory remains substantially lower than the same period from a year ago, but there is increasing progress in closing the gap. Compared to October 2012, there is a significant increase for single family median prices in all counties. Single family sales are still coming under pressure compared to October 2012. Median prices increased in San Benito County by 45%, Monterey County by 31%, Santa Cruz County by 29%, and both San Mateo and Santa Clara Counties by 12%. Monterey County single family sales are off by 20%, San Benito down 17%, Santa Cruz down 10%, Santa Clara County is 6% lower, and San Mateo County is down just 2% showing the continued stability in San Mateo County. Single family closed sales are off by 8% in Monterey County, grew 3% in Santa Clara County and 2% in Santa Cruz County.

Compared to last month, median price dropped 6% in San Benito and 4% in Monterey Counties. It was slightly up just 2% in San Mateo County, up 1% in Santa Cruz County, and was flat in Santa Clara County. Inventory is down anywhere from 2% in Santa Cruz County to 11% in Santa Clara County. San Mateo is down 7%, San Benito County down 5%, and finally, Monterey County is down just 2%.

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Note: MLSListings data is tabulated from the 3rd of the month to the 3rd of the following month, primarily to account for late corrections and additions by agents; these updates are often not included in most market reports. MLSListings’ Market Data report reflects the most current information on the day the reports are generated.