January 2016 - Home Sales Take a Leap in the Region, Inventory Stalls Year-Over-Year

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MLSListings Silicon Valley and Coastal Regions Housing Market Overview

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

Home Sales Take a Leap in the Region, Inventory Stalls Year-Over-Year

Compared to January 2015, median sales price in January 2016 rose 18% in Monterey County, 12% in San Benito County, 11% in San Mateo County, 9% in Santa Clara County, and 3% in Santa Cruz County. Compared to December 2015, it’s a different story. Median sales price is showing signs of flattening with San Mateo up 7%, Monterey up 5%, Santa Clara zero change, San Benito down 2%, and Santa Cruz County down 6%.

Single family home year-over-year sales made gains in all MLSListings counties, compared to January 2015. San Benito showed the largest gain of 52%, San Mateo 36%, Santa Clara , Santa Cruz 7%, and Monterey 5%. January sales fell well below December levels in four of the five MLSListings counties: San Mateo and Santa Clara sales dropped 59%, Santa Cruz 58%, and Monterey 20%. San Benito showed the only gain with 15%.

Month-to-month inventory shows slight gains in three of the five counties, with San Mateo up 7%, Santa Clara up 6%, and Monterey up 3%. Santa Cruz and San Benito Counties inventory dropped 5% and 2%, respectively. Inventory is split among the counties compared to 2015, with San Mateo up 9%, Monterey up 3%, and San Benito up 1%. Santa Cruz is down 23%, and Santa Clara is down 7%.

Compared to last year, Total Dollar Volume rose 69% in San Benito County, 44% in Monterey County, 20% in San Mateo County, 11% in Santa Clara County, and 10% in Santa Cruz County. Compared to a strong December, sales Volume dropped 80% in San Mateo County, 74% in Santa Cruz, 71% in Santa Clara, and 39% in Monterey County. Only San Benito County showed growth with a gain of 16%.

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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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