July Real Estate & Housing Update: Silicon Valley Sales, Median Price, Is It 2007? Deja Vu?

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MLSListings Real Estate & Housing Update: July 2014

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

Silicon Valley Sales, Median Price, Is It 2007? Deja Vu?

The year 2007 was pivotal for northern California real estate. It was the towering high before the slump. When reviewing the long-term trend for the number of single family sales and median price, our analysts noticed that the counties reported (Monterey, San Benito, San Mateo, Santa Clara and Santa Cruz) have virtually reached the same levels as 2007. In fact, every county reported has surpassed 2007 levels for numbers of single family sales. Median Price for all counties combined including condos and townhomes has almost reached the 2007 high.

The story is different when we compared July 2014 to July 2013. Sales in July 2014 remained flat in San Mateo and San Benito Counties, while they dropped 6% in Monterey County, 4% in Santa Cruz County, and were down 2% in Santa Clara County.

For the same time period single family median price levels remained positive in all reported counties. San Mateo County was up 24%, Santa Cruz County increased 19%, followed by gains in Monterey County of 7%, San Benito County of 5%, and Santa Clara County grew 3% from one year ago.

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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 in the Media Center.
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