MLSListings Silicon Valley and Coastal Regions Housing Market Overview
(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)
Home Sales Slowing, Prices Holding, DOM Growing in Key Northern California Housing Markets
After a slow July, single-family home sales rebounded in four of five MLSListings counties in August, compared to the same month last year. San Benito County sales increased 50%, followed by Santa Cruz County which increased by 14%, Monterey County rose 6%, and San Mateo was up 5%. In the heart of Silicon Valley, Santa Clara County sales dropped 9%. Compared to July, sales dived 17% in San Benito, 4% in Monterey, and 1% in Santa Clara Counties, while Santa Cruz County grew a healthy 27% and San Mateo County increased 7%.
Year-over-year single-family homes inventory rose by 26% in San Benito, 4% in San Mateo, and 3% in Monterey Counties
while dropping 12% in Santa Cruz and remaining flat in Santa Clara Counties. Compared to July 2016, inventory grew 6% in San Benito County but dropped 7% in both San Mateo and Santa Cruz Counties, 5% in Santa Clara County, and 1% in
Compared to 2015, median prices in August remained positive in all counties. San Benito County showed the most strength up 19%, followed by Santa Cruz County at 15%, Monterey County rose 10%, and Santa Clara and San Mateo Counties increased 2% and 1%, respectively. Compared to July, median price grew 11% in San Benito County and 9% in Santa Cruz County, but dropped 8% in San Mateo County, 6% in Santa Clara County, and 4% in Monterey County.
Year-over-year average days on market (DOM) jumped 68% in San Benito County, 45% in San Mateo County, 16% in Santa Clara County, and 13% in Santa Cruz County, but dropped 12% in Monterey County. Compared to last month, DOM grew 30% in Santa Cruz County, 24% in San Mateo, 17% in San Benito, 14% in Santa Clara, and 10% in Monterey 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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