MLSListings Real Estate & Housing Update: December 2013
(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)
Silicon Valley December 2013 inventory takes a big hit,
median home prices still climbing
Lack of inventory remains a major factor for real estate sales in the Bay Area. Single family home inventory in San Mateo, Santa Clara and Santa Cruz Counties took a large hit in December. San Mateo and Santa Clara counties posted the lowest inventory numbers since January 2008 with 387 and 922 listings respectively. Monterey County inventory with 717 listings is the lowest since December 2000. And, Santa Cruz County has 394 active listings – the lowest since December 2004.
Median prices for single family homes in the Bay Area are starting to feel some pressure. While median price is up in the two-digit range across all Counties from 2012 at this time, Santa Cruz and Santa Clara Counties were down 8% and 3% respectively from November 2013. Both Monterey and San Mateo Counties were up 11% compared to November 2013, and San Benito County was up 10%.
Compared to November 2013 single family home closed sales were almost flat. Closed sales in Monterey and Santa Cruz Counties increased just 2% from November while Santa Clara County increased only 1%. San Benito County is holding steady with the same number of closed sales as November 2013. San Mateo County closed sales saw the only decrease at just 2%. Month-over-month new listings saw a double-digit decline in all counties.
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.