MLSListings Real Estate & Housing Update: November 2013
(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)
Silicon Valley Average and Median Price Increase
Compared to One Year Ago
Average and Median prices for single family homes in Silicon Valley are up as much as 31% compared to 2012. Monterey and Santa Cruz have the highest median price increase at 31% and 29% respectively. San Mateo and Santa Clara Counties follow with an increase of 21% and 17% while San Benito checks in at only 4%. With only a one-to-two percent change month-overmonth, there appears to be stabilization in Silicon Valley’s rapid rise in single family home median price. San Benito is the exception where the low volume of sales has a more dynamic effect. Still, down only 6% is a big improvement in the San Benito County market since 2008.
Closed Sales have taken a significant hit compared to Oct. 2013, largely due to the cyclical nature of buyer/seller activity which is always heavier in the late spring and summer. The Holiday months are typically the slowest of the year for sales, new listings and development. More interestingly, as opposed to last year at this time, sales have declined at double digit levels across all counties.
Median Prices have recovered significantly in San Mateo County which seems to have been insulated from any effects of the 2004 real estate crash. Santa Cruz and Santa Clara Counties have also made up ground. However, the “Salinas effect” still negatively impacts Monterey County as a whole. The San Benito market has improved, but the low number of homes available makes for large swings from month-to-month and year-to-year.
Data for Condo/Townhouse Inventory and month-overmonth comparisons can be found on www.mlslistings.com
Note: MLSListings data is tabulated from the 3rd of the month to the 3rd 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.