Overall we're seeing that prices are seeing double digit increases, sales are decreasing, and inventory is catching up when we compare April 2014 to April 2013. While this may not be across the board in all five home counties – Monterey, San Benito, San Mateo, Santa Clara and Santa Cruz – it's the case for the majority.
Compared to April of last year, single family residential median price levels remain positive except in Santa Cruz County where they dropped 1%. Monterey County median price is up 19%, San Mateo increased 13%, San Benito is up 22%, and Santa Clara County increased 14%. For the same time period, Monterey sales are down 17%, San Benito decreased 8%, Santa Clara is down 5%, San Mateo decreased 4%, and Santa Cruz County made it into the positive up 8%. Inventory is steadily catching up over the past few months, and while still an issue in some cities, it grew 13% in San Benito, 12% in Monterey, and 4% in Santa Clara. San Mateo County has the largest deficit down 17% from April 2013 and Santa Cruz is down 5%.
Compared to March 2014, inventory increased in all home counties. Santa Clara County increased 17%, Santa Cruz is up 14%, San Benito County is up 10%, and both Monterey and San Mateo Counties increased by 4%.
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Data supplied is for MLSListings Inc five home counties: Monterey, San Benito, San Mateo, Santa Clara and Santa Cruz. MLSListings data is tabulated the third of every month to the third of the following month; primarily to account for late corrections and additions by agents. These updates are often not included in most market reports. The Market Indicators Report reflects the most current information on the date the report is generated.
A complete report for numbers indicated in summary can be found at mlslistings.com in the Media Center.
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