March Real Estate & Housing Update: Median Prices, Inventory and Sales are UP, But Not for All Silicon Valley Counties

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MLSListings Real Estate & Housing Update:
March 2014

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

Median Prices, Inventory and Sales are UP, But Not for All Silicon Valley Counties

Median prices continue to climb for both single family and condo/townhome residences.

The story remains the rising costs of home ownership in and around Silicon Valley. Compared to March of last year, single family median price levels remain high. Monterey is up a whopping 51%, San Mateo is up 28%, San Benito is up 20%, Santa Clara is up 17%, and Santa Cruz up 9%.

Looking at a three-year period, median prices have made strong gains. San Benito is up 79%, Monterey is up 74%, San Mateo is up 71%, and Santa Clara is up 50%, and Santa Cruz is up 32%.

Is inventory making a comeback just in time for the spring selling season?

The numbers show that single family inventory is catching up, or in some cases, surpassing 2013 levels. Monterey inventory is up 10% from March 2013, San Benito and Santa Cruz also at 5% and 2%, respectively. San Mateo and Santa Clara counties are showing signs of a slight bump in inventory. San Mateo is down 8% from March 2013 figures and Santa Clara is down 2% compared to March of last year.

The condo/townhome market is making improvements as well. San Benito’s limited condo/townhome inventory is up 75%, Santa Clara County is up 14% with San Mateo up 1%. Alternatively, Santa Cruz is down 24% and Monterey is down 7%.

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.