Month-over-Month the Silicon Valley real estate market including Monterey, San Benito, San Mateo, Santa Clara and Santa Cruz counties made a slight dip. Overall, single family inventory and closed sales are down in all counties, except Monterey which showed a small 1% increase in inventory. Median prices in San Mateo and Santa Cruz counties are down 12% and 10% respectively, meanwhile Monterey increased 9%, San Benito went up by 2% and Santa Clara is up just 1% over August 2013.
When we compare August 2014 to August 2013 single family residential numbers show increases in median price across the board: Monterey 17%, San Benito 10%, San Mateo 1%, Santa Clara 7% and Santa Cruz 3%. But at the same time closed sales are down in all counties for the same time period: Monterey 4%, San Benito 16%, San Mateo 3%, Santa Clara 13% and Santa Cruz 5%.
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Based on the numbers for August 2014, we thought you might like to see the 12-month trend for the sale price to list price ratio as compared to inventory. Generally for the reported counties, homes are selling higher than the list price with the peak being April 2014. Since April 2014, the ratio is decreasing while inventory is on a rise.