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September Real Estate & Housing Update: Sale of $1.5M+ Homes in Silicon Valley is on the rise
11/7/2013

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MLSListings Market Indicators Report: September 2013

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

September Real Estate & Housing Update: Sale of $1.5M+ Homes in Silicon Valley is on the rise

While the housing market appears to be going through its seasonal slowing, we see an increase in sales of single family residences more than $1.5 million. We analyzed the number of sales more than $1.5 million from Jan. 1 through Sept. 30, 2013 compared to the same time period in 2012, and there was a 26% increase in the number of closed sales. So, while the overall market hasn’t changed much in the last 30 days, there are influential buyers, buying.

This is probably because of the area of the country we are in. The good news for REALTORS® in Silicon Valley and outlying areas; companies like Google, LinkedIn and Facebook continue to build and bring in talent that will raise not only values of real estate but also market sustainability.

Please click the image above to view a larger version.

Please click the image above to view a larger version.

Median prices are still better than 2012 in all counties for both single family residences as well as condo/townhomes, however, compared to Aug. 2013, there are signs of some softness in the single family market. San Mateo County and Santa Clara County median prices are down 8% and 4% respectively over last month. Compared to Sept. 2012, sales are up only 5% in San Mateo County and only 2% in Santa Clara County, and actually dipped 7% in Monterey County, 17% in Santa Cruz County, and dropped a whopping 29% in San Benito County.

As compared to Sept. 2012, inventory is down in all Counties with San Benito the most affected down 21%. Monterey County followed at 17%, San Mateo County down 14%, Santa Clara County down 11%, and Santa Cruz County down 7%. Days on Market are significantly down in all Counties compared to last year, but compared to last month, rose 29% in Monterey County, 24% in San Benito County, and 22% in Santa Clara County. This may be tied to the rise in interest rates or qualification procedures as well as less multiple offers which were prevalent in the first half of this year.

Data for Condo/Townhouse Inventory and month-overmonth comparisons can be found on www.mlslistings.com

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.