July 2016 - Home Sales Heading Downward, Prices Upward in Key Northern California Housing Markets

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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 Heading Downward, Prices Upward in Key Northern California Housing Markets

For the first time since February of 2015, single-family home sales fell across all five counties of Silicon Valley and the northern California coast. Santa Cruz County was down 36%, Santa Clara County fell 18%, San Mateo County dropped 14%, Monterey County declined 4%, and San Benito County dropped 2%. July sales were also lower than June in all five counties. Santa Clara County saw the largest drop of 21%, followed by 16% in San Mateo County, 15% in Monterey County, 14% in San Benito County, and 12% in Santa Cruz County.


Year over year single-family homes inventory showed gains in all MLSListings counties, except Santa Cruz, which dropped 5%. San Benito County grew 31%, followed by San Mateo County up 18%, Monterey County increased 11%, and Santa Clara County rose 5%. Compared to June 2016, inventory grew 5% in Monterey County, 4% in Santa Cruz County, 2% in Santa Clara County, 1% in San Mateo County, with zero change in San Benito County.


Compared to July 2015, median price remained positive in all counties. Monterey County showed the most strength up 11%, both San Benito and Santa Clara Counties were up 8%, San Mateo County was up 4% and Santa Cruz County was flat to last year. Compared to June, median price grew 2% in San Mateo County but dropped 6% in Santa Cruz County, 4% in San Benito County, 1% in Monterey County, and remained flat in Santa Clara County.   


Year over year average days on market (DOM) dropped 49% in San Benito County, 33% in Santa Cruz County, and 22% in Monterey County while rising 9% in Santa Clara and 5% in San Mateo Counties, respectively. Compared to last month, DOM dropped 40% in San Benito County but rose 16% in Santa Clara, 13% in Santa Cruz, 9% in San Mateo Counties, and was flat in Monterey 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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