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September 2012 - Chilly inventory, new listings put the ‘fall’ in Bay Area home market
11/8/2012

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MLSListings Market Data Report: September 2012

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

September Housing Update: Chilly inventory, new listings put the 'fall' in Bay Area home market

Lack of both inventory and new listings remain the major roadblock to higher closed sales in September, as indicated by year-over-year data for five Bay Area counties as reported by MLSListings Inc. Inventory slid in all five counties, most significantly in San Mateo County where it fell progressively for 10 months to 42 percent below year-ago levels. New listings fell across the board compared to September 2011, most significantly in Monterey County where they are down 25 percent. Sales were a mixed bag in September, with increases in San Benito, Santa Clara and Santa Cruz Counties, but decreases in San Mateo and Monterey Counties. Median price showed gains of 14 to 21 percent in all five counties compared to September 2011.

Month-over-month comparisons showed a slowing rate of decline. While new listings declined substantially in all counties compared to August, median price changes hovered within 5 percent for each county, with the exception of San Benito, which experienced a 10 percent drop. Additionally, sales dropped within just 10 percent of the previous month. 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.