April 2016 - Silicon Valley Condo/Townhome Market Heats up before Summer

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MLSListings Silicon Valley and Coastal Regions Housing Market Overview

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

Silicon Valley Condo/Townhome Market Heats up before Summer

Closing Times Lowest Since January

Closing times for condos and townhouses have been dropping this year in the counties of Santa Clara and San Mateo, from 26 days in January to 14 days in April. Compared to April 2015, Days on Market (DOM) dropped 72% in Santa Cruz, 49% in Monterey, 41% in San Benito County, 22% in Santa Clara County, and 18% in San Mateo Counties. When compared to March, DOM dropped 22% in Santa Cruz, 21% in San Mateo, 14% in Santa Clara, 8% in Monterey, and 6% in San Benito Counties.

Both San Mateo and Santa Cruz County median price grew 25% compared to April 2015, with Monterey and San Benito growing by 21% and 9%, respectively. Santa Clara County dropped 2%. Monterey County median sales price showed the most strength in April up 18% in comparison with March, with San Mateo County up 12%, and Santa Cruz up 9%. San Benito County dropped 10% and Santa Clara County dropped 3%.

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.

Year-over-year common interest home sales grew 65% in Monterey and 14% in Santa Clara Counties, but fell 75% in San Benito, 22% in Santa Cruz, and 11% in San Mateo Counties. In relation to March, Santa Clara County sales rose 17%, Monterey County sales rose 15%, and San Mateo County was up 14%. San Benito County remained flat and Santa Cruz County dropped 13%.

Month-to-month inventory showed gains in all five counties except in San Benito which remained flat. Monterey County was up 8%, San Mateo and Santa Clara Counties both rose 6%, and Santa Cruz County grew 4%. Data indicates inventory grew 200% in San Benito, 16% in Santa Clara, 15% in San Mateo, and 11% in Monterey Counties compared to April 2015, but fell 21% in Santa Cruz County.

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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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