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April 2013 - Median Price Closing In on All-Time Highs; Days on Market Hits Decade-Low
6/13/2013

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MLSListings Market Data Report: April 2013

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

April Housing Update: Median Price Closing In on All-Time Highs; Days on Market Hits Decade-Low

Bay Area single family home median prices continued to gain strength in April, with year-over-year increases ranging from 23% in San Mateo County to as much as 36% in Monterey County. With the steady gains, Santa Clara and San Mateo are closing in on all-time market highs, within 8% and 11% of peak, respectively. Others have further to go to reclaim market highs, including Santa Cruz (19%), Monterey (52%) and San Benito (45%).

Lack of inventory still remains a major factor impacting single family home sales in all Counties except in San Mateo, where sales remained flat. Overall inventory of both condos and townhomes has fallen 61% from two years ago across the five counties. Days on Market also hit decade-lows in April in all Counties, with 70% of single family home sales in April selling in 20 days or less.

Condo/Townhouse sales are following the same trends as above with days on market even lower than single family home . Year over year, DOM for condos and townhomes is down 82% in San Benito County, down 65% in Santa Clara County, 48% in San Mateo County, 36% in Santa Cruz County, and down 22% in Monterey County. Data for month-over-month comparisons can be found on www.mlslistings.com


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Month over Month

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Year over Year

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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.