March 2015: Inventory Re-appears, Market Not Drying Out (Yet) from Drought

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MLSListings Real Estate and Housing Update

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

Inventory Re-appears, Market Not Drying Out (Yet) from Drought

March 2015: Silicon Valley Housing Market Continues to Outpace Much of the Nation

Amid fears that the California drought could cause catastrophic damage to the state’s real estate market, there is no evidence of it in Silicon Valley so far this year. March real estate numbers point to a busy spring and summer season, with competitive buying and rising sales.

Inventory numbers for single-family homes took big jumps in Santa Clara and San Mateo counties, rising 54% and 45% respectively when compared year-over-year. Traditionally a month when homes prepare to come on the market, closed sales numbers in March rose in all counties both year-over year and month-over-month. In fact, Santa Cruz County had a 49% increase in closed sales when compared to February and that was the smallest jump as San Benito had a 50% increase, Monterey a 64% increase, Santa Clara was up 69%, and San Mateo closed sales popped up a whopping 83%.

The total dollars spent in March rose both year-over-year and month-over-month in all reported counties for both single-family homes and condo/townhomes, except for San Mateo’s year-over-year condo/townhomes, which dropped only 2%.

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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.

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