Back
May Housing Update: Inventory Showing Signs of Life in Still-Anemic Market as Price Continues to Soar
7/10/2013

Click here for a printable PDF version

MLSListings Market Data Report: May 2013

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

May Housing Update: Inventory Showing Signs of Life in Still-Anemic Market as Price Continues to Soar

While single family inventory continues to be significantly lower than spring 2012, the steady improvement since the beginning of 2013 as more homes come to market seems to show an easing of the inventory slide. Compared to April 2013, single family inventory increased 16% in Santa Clara County, with more modest increases in the counties of San Mateo (5%), Monterey (8%) and Santa Cruz (4%). It remains to be seen whether this trend will impact skyrocketing prices. Median price for Silicon Valley’s single family homes continued to make significant gains in all five counties in May, with each county marking double-digit increases over the previous year. Monterey led with a 37% increase, followed by San Benito (up 29%), Santa Clara (up 28%), Santa Cruz (up 25%) and San Mateo (up 23%). Month over month, single family median price rose modestly in Santa Clara (4%), San Mateo (5%) and Monterey (8%) but fell in San Benito and Santa Cruz. Compared to last year, single family sales are down 17% in Monterey County, down 13% in San Benito County, and down 9% in Santa Clara County, which is atypical of seasonal trends. Sales were up 6% in Santa Cruz County and up just 4% in San Mateo County compared to May 2012. However county-wide single family sales rose compared to April 2013 by 11% in Santa Clara, 18% in San Mateo, 59% in Santa Cruz and 6% in San Benito, and fell 8% in Monterey County. Data for month-over-month comparisons can be found on www.mlslistings.com


Please click the image above to view a larger version.


Month over Month

Please click the image above to view a larger version.


Year over Year

Please click the image above to view a larger version.


Note: MLSListings data is tabulated from the 5th of the month to the 5th 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.