September 2015 - YoY Inventory Boost, Short-Term Shortage Sends Mixed Message to Buyers

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MLSListings Silicon Valley and Coastal Regions Housing Market Overview

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

YoY Inventory Boost, Short-Term Shortage Sends Mixed Message to Buyers

Single-family homes inventory remains positive compared to September 2014, but has declined across all MLSListings counties compared to last month. Year-over-year inventory is up in all five MLSListings home counties: Santa Clara up 37%, San Mateo up 27%, Monterey up 18%, Santa Cruz up 5%, and San Benito up 2%. Yet compared to last month, San Mateo County declined 1%, Santa Clara 2%, Monterey 3%, San Benito 4%, and Santa Cruz had the largest drop at 10%. Inventory typically peaks mid-year, so that may explain the mild drop in September.

Compared to September 2014, single-family sales are also starting to lose some of the double-digit momentum from the beginning of the year. San Mateo County sales dropped 3%, both Monterey and Santa Cruz Counties were up 6%, Santa Clara County was up 5%, and San Benito County showed the largest gain at 14%. Compared to last month, sales dropped 8%, in Santa Clara and 1%, in San Mateo Counties, respectively. San Benito County sales grew 22%, Santa Cruz County was up 10%, and Monterey County rose 4%.

Single-family median price also remains positive compared to September 2014: San Mateo up 20%, Santa Clara up 13%, Santa Cruz up 12%, San Benito up 8%, and Monterey up 5%. However, compared to last month, both San Mateo and Santa Clara Counties show that single-family median price dropped 3% and 1%, respectively, possibly signaling the area is hitting a price ceiling after the sharp rise last February. Santa Cruz County grew 6%, and both Monterey and San Benito Counties grew by just 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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