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November 2012 - Silicon Valley Sales Surge: Bay Area Homes Buck Tight Inventory and Tough Lending
1/10/2013

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MLSListings Market Data Report: November 2012

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

November Housing Update: Silicon Valley Sales Surge - Bay Area Homes Buck Tight Inventory and Tough Lending

Say what you want about an inventory crunch, tough lending and rising prices; the Bay Area home market is heating up – not just in pocket areas, but at the macro level. People are buying and selling more homes, at a pace that’s risen more than 75 percent above 2007 levels. MLSListings’ latest market data report for greater Bay Area homes showed double-digit, year over year increases in three of five counties representing 85 percent of November home sales, and total sales for the greater Bay Area were up 12.7 percent over year-ago sales. Median price continues to rise in all Counties, led by San Benito with an increase of 49 percent over year-ago levels. Both Monterey and Santa Clara County median price rose 20 percent, Santa Cruz grew 10 percent, and San Mateo is up 5 percent above year-ago levels. New listings fell across the board except in San Mateo County where they remained flat compared to last year, and as one might expect, days on market continue to drop year-over-year in all Counties.

Month-over-month comparisons showed a drop in sales, inventory, and new listings in all Counties from October. While there may be a tipping point where the lack of inventory and new listings may slow sales momentum, this will likely keep prices at a premium. The percentage decline of new listings month-over-month is running between a low of 23 percent in Monterey County and a high of 32 percent in Santa Cruz County. Median price increased in San Benito, Santa Cruz, and Monterey Counties but dropped in San Mateo and Santa Clara Counties. 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.