April 2016 - Inventory Rises but So Do Prices in Time for 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)

Inventory Rises but So Do Prices in Time for Summer

Single-family home sales fell year-over-year in all counties except Monterey, which saw 5% growth. San Mateo County showed the largest drop of 21%, Santa Clara County declined 12%, Santa Cruz County dipped 7%, and San Benito County fell 2%. April sales rose substantially over March, except in San Benito County which saw a drop of 16%.
Santa Clara County sales rose 22%, Santa Cruz County 18%, Monterey County 15%, and San Mateo County followed with 8%.


Compared to April 2015, Monterey County median sales price showed the most strength up 16%, with Santa Clara County gaining 12%, while San Benito, San Mateo, and Santa Cruz Counties all rose 3%. Compared to March,
San Mateo County median price grew 9%, Monterey County gained 7%, and Santa Clara Median sales price rose 2%. San Benito and Santa Cruz Counties dropped 3% and 2%, respectively.


Month-to-month inventory showed gains in all five counties, with Santa Mateo County up 16%, while San Benito,
Santa Clara, and Santa Cruz Counties rose 12%. Monterey County grew 4%. Compared to April 2015, inventory grew 44% in San Benito, 22% in Monterey, 9% in Santa Clara, and 6% in San Mateo Counties, but fell 6% in Santa Cruz County.


Compared to April 2015, Days on Market (DOM) dropped 42% in Santa Cruz, 29% in San Benito, 24% in Monterey,
13% in San Mateo, and 8% in Santa Clara Counties. And compared to last month, DOM dropped 28% in Santa Cruz,
15% in San Mateo, 9% in San Benito, and 5% in Santa Clara Counties. Monterey County grew 5%.


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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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