MLSListings Market Update – June 2020

MLSListings Silicon Valley and Coastal Regions Single-Family Homes Market Overview

Glimmers of Hope as Real Estate Restrictions Relax

The resumption of in-person showings of occupied residences (under strong guidelines) on May 4, 2020 likely alleviated some of the negative effects of the pandemic in May by keeping real estate transactions moving and encouraging new listings to enter the market. Pricing showed gains in three of the five MLSListings counties, with Monterey and Santa Clara each showing a 2% year-over-year increase in median price and San Benito reporting a 10% gain. Demand in Santa Clara County remained surprisingly robust, as median days on market (DOM) declined from 12 to 11 when compared to last May (although DOM increased in the other four counties).

Not all news was good, however, as closed sales fell across the board compared to May 2019, from a low of (38%) in Santa Cruz County to a high of (63%) in Monterey County; Santa Clara reported a decline of (52%), San Mateo (45%), and San Benito (59%). Inventory dropped across all five counties as well year-over-year, with San Mateo showing the lowest decline (9%) and Santa Clara showing the highest decline (27%); Monterey inventory declined (18%), San Benito decreased (15%), and Santa Cruz dipped (14%).

May 2020 Data for MLSListings Counties (from North to South):

In San Mateo County, the median Single Family home cost $1,643,750 and sold in 12 days for 100% of the list price based on 232 sales in May 2020.

  • Inventory was up 12% from April, and down -9% from May 2019 with 577 homes available, compared to 631 homes last year.
  • Average days on market (DOM) moved up 5 days from 21 to 26 days or 24%; median DOM increased 3 days from the month before.
  • Number of new listings for the month of May increased 39% over April, but was down -25% from May of last year.
  • Closed sales increased 19% from April from 195 to 232, and was down -45% from May 2019.

In Santa Clara County, the median Single Family home cost $1,365,000 and sold in 11 days for 101% of the list price based on 497 sales in May 2020.

  • Inventory was up 19% from April, but down -27% from May 2019 with 1302 homes available, compared to 1789 homes last year.
  • Average days on market (DOM) increased 6 days from 17 to 23 or 35%; median DOM went up 3 days the month before.
  • Number of new listings for the month of May increased 43% over April, and down -29% from May of last year.
  • Closed sales decreased -12% from April from 567 to 497 and down -52% from May 2019.

In Santa Cruz County, the median Single Family home cost $850,000 and sold in 18 days for 99% of the list price based on 91 sales in May 2020.

  • Inventory was up 24% from April, and down -14% from May 2019 with 439 homes available, compared to 508 homes last year.
  • Average days on market (DOM) moved up 4 days from 30 to 34 or 13%; median DOM went up 9 days from the month before.
  • Number of new listings for the month of May increased 55% over April, and decreased -6% from May of last year.
  • Closed sales lost -3% from April from 94 to 91 homes sold. This was down -38% from May 2019.

In Monterey County, the median Single Family home cost $650,000 and sold in 18 days for 98% of the list price based on 90 sales in May 2020.

  • Inventory rose 12% from April, but down -18% from May 2019 with 697 homes available, compared to 845 homes last year.
  • The market slowed down – Average days on market (DOM) rose 12 days from 42 to 54 or 29%; median DOM increased by 7 days from the month before.
  • Number of new listings for the month of May increased 64% over April and down -18% from May of last year.
  • Closed sales dropped -32% from April from 132 to 90 and down -63% from May 2019.

In San Benito County, the median Single Family home cost $660,500 and sold in 33 days for 99% of the list price based on 20 sales in May 2020.

  • Inventory rose 10% from April, but down -15% from May 2019 with 152 homes available, compared to 178 homes last year.
  • The market sped up – Average days on market (DOM) increased by 14 days from 52 to 66 or 27%; median DOM increased by 9 days from the month before.
  • Number of new listings for the month of May increased 30% over April, and was down -40% compared to May of last year.
  • Closed sales dipped -31% from April from 29 to 20 and dropped -59% from May 2019.

MLSListings Silicon Valley and Coastal Regions Condo/Townhouse Market Overview

May 2020 County Summaries Condo/Townhouse Market

In San Mateo County, the median Residential Common Interest home cost $890,000 and sold in 7 days for 100% of the list price based on 55 sales in May 2020.

  • Inventory rose 29% from April, but down -7% from May 2019 with 165 homes available, compared to 177 homes last year.
  • The market sped up – Average days on market (DOM) dropped -1 days from 17 to 16 days or -6%; median DOM dropped 3 days from the month before.
  • Number of new listings for the month of May increased 60% over April and decreased -20% from May of last year.
  • Closed sales decreased -28% from April from 76 to 55, and down -51% from May 2019.

In Santa Clara County, the median Residential Common Interest home cost $815,000 and sold in 16 days for 99% of the list price based on 151 sales in May 2020.

  • Inventory rose 20% from April, but is down -29% from May 2019 with 547 homes available, compared to 771 homes last year.
  • Average days on market (DOM) increased 9 days from 16 to 25 or 56%; median DOM increased 8 days from the month before.
  • Number of new listings for the month of May increased 41% over April and was down -40% from May of last year.
  • Closed sales decreased -28% from April from 210 to 151 and were down -64% from May 2019.

In Santa Cruz County, the median Residential Common Interest home cost $616,500 and sold in 19 days for 98% of the list price based on 26 sales in May 2020.

  • Inventory was up 14% from April and up 20% from May 2019 with 130 homes available, compared to 108 homes last year.
  • Average days on market (DOM) increased by 22 days from 26 to 48 days or 85%; median DOM went up by 8 days from the month before.
  • Number of new listings for the month of May increased 61% over April and is up by 8% from May of last year.
  • Closed sales increased 8% from April from 24 to 26, but was down -35% from May 2019.

In Monterey County, the median Residential Common Interest home cost $476,000 and sold in 37 days for 98% of the list price based on 12 sales in May 2020.

  • Inventory was up 17% from April, but is down -37% from May 2019 with 101 homes available, compared to 160 homes last year.
  • Average days on market (DOM) decreased 19 days from 79 to 60 or -24%; median DOM stayed the same as the month before.
  • Number of new listings for the month of May increased 82% over April but is down -38% from May of last year.
  • Closed sales were the same as April at 12 and down -69% from May 2019.

In San Benito County, the median Residential Common Interest home cost $444,400 and sold in 38 days for 100% of the list price based on 2 sales in May 2020.

  • Inventory was the same as April, but is down -60% from May 2019 with 6 homes available, compared to 15 homes last year.
  • Average days on market (DOM) was 38 days.
  • Number of new listings for the month of May was the same as April and is down -50% from May of last year.
  • Closed sales were 2, which is down -50% from May 2019.

County listing data and analysis is courtesy of Aculist, an MLSListings in house startup that provides business analytics solutions for real estate professionals. To learn more, visit Aculist.com.

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This post was written by Rumana Jabeen

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