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January Real Estate & Housing Update: Inventory Rises Moderately in Silicon Valley While Sales Drop
2/10/2014

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MLSListings Real Estate & Housing Update:
January 2014

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

Inventory Rises Moderately in Silicon Valley While Sales Drop

SINGLE FAMILY INVENTORY:

When we compare January’s inventory to December 2013, it actually increased in four of our five home counties. Single family inventory rose 20% in San Mateo County, 16% in Santa Clara County, 11% in Monterey County, 4% in Santa Cruz County, and dropped just 4% in San Benito County.

January Inventory was down 15% in San Mateo County but that is well below the 30% to 40% levels in their market for some months in 2013. Santa Cruz inventory followed down 11%, Monterey down 10%, and Santa Clara down by just 8% compared to the 14% - 50% range in 2013.

SINGLE FAMILY SALES:

4 of the 5 home counties showed fewer single family sales in January 2014 compared to the strong start a year ago.

  • Monterey County 31%
  • San Benito 20%
  • Santa Clara 14%
  • San Mateo 3%
  • Santa Cruz County increased 16%

Sales were largely down from December 2013, but this is be expected since January is usually one of the slowest months of the year. Santa Clara sales were down 36%, San Mateo was down 26%, Monterey down 22%, Santa Cruz down 8%, and San Benito rose by 3%.

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.