March 2016 - South of Silicon Valley, Big Housing News from Beyond the ’Burbs

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MLSListings Silicon Valley and Coastal Regions Housing Market Overview

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

South of Silicon Valley, Big Housing News from Beyond the ’Burbs

Days on Market (DOM) dropped 51% in San Benito, 35% in Monterey, and 31% in Santa Cruz Counties compared to last year. In Silicon Valley, DOM fell 4% in San Mateo County, and remained flat in Santa Clara County. And compared to last month, DOM dropped even more dramatically in almost all MLSListings counties – 73% in Santa Cruz, 42% in San Benito, 35% in San Mateo, 30% in Santa Cruz, and 2% in Monterey.

Single-family home sales fell year-over-year in all counties except San Benito, which saw 19% growth. Santa Clara County showed the largest drop of 10%. Both Monterey and San Mateo Counties dipped 9%, and Santa Cruz County fell 5%. March sales rose substantially over February. San Mateo and Santa Clara County sales rose 35%, San Benito County 33%, Santa Cruz County 30%, and Monterey County followed with 5%.

Compared to March 2015, Santa Clara County median sales price showed the most strength up 13%, while Santa Cruz County rose 7%, with San Benito County up 6%. San Mateo County fell 6%, and Monterey County was down 4%. Median sales price rose 11% in Santa Clara County, 6% in San Benito County, and 1% in San Mateo County. Monterey County dropped 1% while Santa Cruz County remained flat.

Month-to-month inventory showed gains in all five counties, with Santa Clara up 21%, San Mateo up 17%, both San Benito and Santa Cruz up 14%, and Monterey up 8%. Also compared to March 2015, inventory grew 37% in both Monterey and San Benito Counties, and 5% in Santa Clara County. San Mateo County inventory fell 14% and Santa Cruz was down 7%.

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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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