February Real Estate & Housing Update: Moderate Housing Gains, But Not for All Silicon Valley Counties

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MLSListings Real Estate & Housing Update:
February 2014

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

Moderate Housing Gains, But Not for All Silicon Valley Counties

Tight inventory continues to rule the day, but a few counties saw modest gains in supply.

Our report of data statistics indicate inventory levels tend to increase the early part of the year through the prime selling season. And the housing market in the Silicon Valley did make moderate gains.

Single family home inventory actually grew 19% in San Mateo County, 10% in Santa Clara County, 7% in Santa Cruz County, 3% in Monterey County, and 1% in San Benito County compared to a year ago the same time.

Conversely, if reviewing inventory in the home county markets from what the numbers were in January, available inventory continued to decline in February; especially in Monterey, San Benito, and Santa Cruz Counties. The available supply of single family homes actually increased in San Mateo and Santa Clara Counties.

Condo/Townhouse inventory showing a flat-line or moderate drop compared to last year. The larger Santa Clara and San Mateo Counties are respectively up 4% to 5%. But in Santa Cruz County, inventory dropped 31% and Monterey County was down 20%.

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Condo/Townhouse Median Price Improves
Year over Year

Following Single Family trends, Condo/Townhouse median prices made significant gains from a year ago. Median prices increased 26% in San Mateo County, 23% in Santa Clara County, 21% in Monterey County, and 1% in Santa Cruz County.

Compared to last year, February Condo/Townhouse sales fell into the red in all home counties. Santa Cruz County sales were down 18%, Monterey County was down 7%, San Mateo down 5%, Santa Clara down 1%, and there were no sales in San Benito County in February 2013.

Data supplied is for MLSListings Inc five home counties: Monterey, San Benito, San Mateo, Santa Clara and Santa Cruz.

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.