MLSListings Real Estate and Housing Update
(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)
Silicon Valley Inventory Gains, in Time for the Busy Summer Season
April 2015: Inventory Grows, Prices Maintain
A boost to the Silicon Valley summer buying and selling season with a reported growth in inventory. The MLSListings real estate update for April 2015 shows continued growth in one of the country’s most watched markets.
This is the second consecutive month pointing to a more competitive selling season. All reported counties showed gains in April for single-family inventory from March, except for San Mateo which only reported a 3% dip. However, San Mateo saw a 34% jump in inventory when compared year-over-year in April, and Santa Clara shows a 44% increase over that same time period. Huge jumps in an area that has been struggling recently with low inventory.
This jump in inventory could be leading to another new trend in the market, leveling median home prices. When compared year-over-year we again see sold gains in median price for all counties, but the entire market has seen great improvement in median price since a year ago. When compared month-over-month, median prices flattened out for the second month in a row with Santa Clara County having a 3% increase, the highest of all reported counties. But this shouldn’t slow down Silicon Valley’s growth as the market saw increased closed sales, more total dollars sold, and shorter days on market in April.
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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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