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MLSListings Real Estate and Housing Update
(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)
Silicon Valley, Pacific Coast Total Home Sales Outperform 2014
But agents say buyer enthusiasm in some areas beginning to cool
The rise in total sales dollar volume July 2014 compared to July 2015 in all counties reported by MLSListings shows no break in prices in our region. Total sales volume is up 45% in San Benito County, 32% in Monterey County, 21% in Santa Cruz County, 19% in Santa Clara County, and 15% in San Mateo County.
But when compared to last month, total sales volume seems to be cooling slightly. Monterey and San Benito Counties are still in double-digits, up 17% and 11% respectively. Santa Cruz County is up by 7%. We may be seeing some softness in San Mateo County, which grew only 4% and in Santa Clara County where total sales volume dropped 8%. Single family home sales are up, but may have peaked in July, as they did last year. Compared to July 2014, single family home sales are still robust, up 28% in Monterey County, 24% in San Benito County, 19% in Santa Cruz County, and 9% in Santa Clara County. San Mateo County has been down two months in a row now and is 5% below last year’s level.
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Pricing is still strong but showing signs of softening. This is reinforced by the fact that single family inventory grew compared to last year. Santa Clara County inventory gained a substantial 31% from July 2014, with San Mateo County up 18%. Monterey County grew 15% and Santa Cruz County grew 5%. San Benito County inventory dropped 6%.
Compared to last month, inventory remained fairly flat in all Counties. Both Santa Clara and San Benito Counties grew just 2%, San Mateo County was up 1%, Monterey County down 2%, and Santa Cruz County down 1%.
Looking at the next charts, you will notice that single family median prices spiked in February 2015, but seemed to be reaching a plateau or even dipping in some of the counties. Compared to July 2014, median prices remain positive, with San Mateo County showing the largest gain of 14% and Santa Clara County following up with 12%. Monterey and San Benito Counties both had gains of 8%, and Santa Cruz County was up 3%. Even with that, one can make a case that prices are starting to hit a ceiling in some of the counties. Comparing July to June 2015, median prices were down 7% in San Benito County, 4% in Santa Clara County, 3% in Monterey County, flat in San Mateo County, and up just 3% in Santa Cruz County. One possible leading indicator is that San Mateo County median price has been down or flat for two months in a row.
Compared to July 2014, single family sales are still robust, up 28% in Monterey County, 24% in San Benito County, 19% in Santa Cruz County, and 9% in Santa Clara County. San Mateo County has been down two months in a row now and is 5% below last year’s level. Is this an indication that prices have reached a point where buyers have drawn a line for what they will pay for your average three bedrooms, two baths home?
Compared to last month, sales in Monterey County had the only double digit gain of 13%, San Benito County was up 9%, San Mateo up 5%, Santa Cruz County up 4%, and Santa Clara Sales actually dropped 1% which seems to signal the end of the hot summer selling period.
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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