MLSListings Market Data Report: August 2012
(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)
August Housing Update: Silicon Valley Outpacing the Nation in Lean Inventory
Days on Market Plummet Compared to 2011
Single family home inventory still is down double digits from the same time last year ranging anywhere from 19 to 39 percent. Santa Clara and San Mateo counties shared the largest drop at 39 percent. This is more than the national average of 31.2 percent as reported by the National Association of REALTORS®. Compared to 2011, sales were up 20 percent in Santa Cruz County, 12 percent in San Benito County, 3 percent in Santa Clara County, but Monterey and San Mateo counties are down four and two percent respectively. Median home price is very healthy when compared to 2011. San Benito prices increased 38 percent, Monterey 27 percent, Santa Cruz 17 percent, Santa Clara 12 percent, and San Mateo just 4 percent.
Also available by request are month-over-month comparisons which tell us that sales were up a healthy 26 percent in Santa Cruz County, 10 percent in both Monterey and San Benito Counties, flat in Santa Clara County, and down 8 percent in San Mateo County. In general, days on market decreased anywhere from 23 to 39 percent in all counties because of the low inventory numbers. Compared to July 2012, median prices started to feel some downward pressure and dropped 7 percent in Santa Cruz County, 3 percent in both San Mateo and Santa Clara counties, but increased 22 percent in San Benito County and up 14 percent in Monterey County.
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.