February 2016 - Santa Mateo County Gains Slight Bump in Inventory, Monterey Closed Sales Jump

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MLSListings Silicon Valley and Coastal Regions Housing Market Overview

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

Santa Mateo County Gains Slight Bump in Inventory, Monterey Closed Sales Jump

Some MLSListings counties hit high notes in February, compared to last year, while others are relatively flat. Year-over-year median price gave us a housing yo-yo with sales price gains in several counties, but dips in others. Median sale price rose 14% in Santa Cruz County and 6% in San Benito County, but dropped 3% in both Monterey and San Mateo Counties, and 1% in Santa Clara County. When compared to January 2016, it’s a different story. Median sales price rose 13% in Santa Cruz County, 10% in San Mateo County, and 5% in Santa Clara County, zero change in Monterey County and down 3% in San Benito County.

Single family home year-over-year sales were mixed in MLSListings counties, compared to the same time last year. Monterey County showed the largest gain of 41%, San Benito 19%, San Mateo 8%, with Santa Clara County dropping 1%, while Santa Cruz remained flat. February sales fell below January levels in four of the five MLSListings counties: San Benito dropped 24%, Santa Clara 10%, San Mateo 9%, and Santa Cruz 3%. Monterey County showed a 10% gain.

Month-to-month inventory showed gains in four of the five counties, with San Mateo up 22%, Santa Cruz up 20%, San Mateo up 18%, Monterey up 5%, and San Benito down 2%. Inventory is split among the counties compared to the same time in 2015, with San Mateo up 8%, and Monterey 2% with Santa Cruz down 9%, San Benito down 4%, and Santa Clara down 2%.

Compared to last year, total dollar volume rose 33% in San Benito County, 31% in Santa Cruz County, 22% in Monterey County, 10% in San Mateo County, and down 8% in Santa Clara County. Compared to last month, total dollar volume rose 20% in Santa Cruz County and 3% in San Mateo County. Dollar volume dropped 21% in San Benito, 5% in Monterey, and 2% in Santa Clara Counties.

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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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