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October 2012 - Bay Area inventory slide continues, year-over-year new listings decline stabilizing
12/15/2012

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MLSListings Market Data Report: October 2012

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

October Housing Update: Bay Area inventory slide continues, year-over-year new listings decline stabilizing

Lack of inventory remains a major dilemma for the greater Bay Area home market. Inventory in Santa Clara and San Mateo Counties dropped significantly since October 2011 – 45 and 43 percent respectively – with Monterey and Santa Cruz Counties also down 28 and 23 percent from 2011. New listings fell moderately across the board except in Santa Cruz County where they increased 6 percent. Bay Area home sales were up everywhere from one year ago; 41 percent in San Mateo County, 23 percent in Santa Clara, 22 percent in Santa Cruz, 15 percent in San Benito and 4 percent in Monterey. Median price increased in all counties except Monterey, which was down 20 percent due to the Salinas market and other pocket areas.

Month-over-month comparisons showed an up-tic in sales in all counties except in Santa Cruz. The percentage decline of new listings seems to have stabilized a bit over the last three months. New listings decreased in San Mateo and Santa Clara Counties, but increased in San Benito, Santa Cruz and Monterey Counties. Median price increased in San Mateo and Santa Clara Counties, but decreased elsewhere. 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.