MLSListings Market Update – May 2020

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

Median Prices Hold Steady, But SIP Showing Its Impact

Despite the shelter-in-place (SIP) order in mid-March, median prices held up in April, even gaining compared to last April in 4 of the 5 MLSListings counties; Santa Cruz County showed a 4% decrease in median price. Premiums (i.e., the amount paid above/below the list price) also closely mirrored last year, with San Mateo at 104%, Santa Clara at 103%, Santa Cruz and San Benito both at 99%, and Monterey at 98% on average.

However, the SIP showed its effects dramatically in closed sales, which were off by up to 50% from 2019, with San Mateo down (50%), San Benito at (49%), Monterey at (44%), Santa Clara at (36%), and Santa Cruz County dipping (33%). Moreover, new listings were off, ranging from (39%) in San Mateo and Santa Cruz counties to (57%) in Monterey County. This will impact total inventory in what are typically the busiest months of the year.

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

In San Mateo County, the median Single Family home cost $1,640,000 and sold in 9 days for 104% of the list price based on 195 sales in April 2020.

  • Inventory was up 19% from March, and down -6% from April 2019 with 501 homes available, compared to 534 homes last year.
  • Average days on market (DOM) remained the same as March at 21 days; median DOM dropped -1 day from the month before.
  • Number of new listings for the month of April decreased -18% over March, and was down -39% from April of last year.
  • Closed sales dropped -31% from March from 281 to 195, and was down -50% from April 2019.

In Santa Clara County, the median Single Family home cost $1,390,000 and sold in 8 days for 103% of the list price based on 564 sales in April 2020.

  • Inventory was up 20% from March, but down -31% from April 2019 with 1056 homes available, compared to 1524 homes last year.
  • Average days on market (DOM) dropped -4 days from 22 to 18 or -18%; median DOM remained the same as the month before.
  • Number of new listings for the month of April decreased -18% over March, and down -46% from April of last year.
  • Closed sales decreased -12% from March from 638 to 564 and down -37% from April 2019.

In Santa Cruz County, the median Single Family home cost $949,000 and sold in 9 days for 99% of the list price based on 95 sales in April 2020.

  • Inventory was up 10% from March, and down -23% from April 2019 with 346 homes available, compared to 448 homes last year.
  • Average days on market (DOM) dipped -19 days from 48 to 29 or -40%; median DOM dropped -2 days from the month before.
  • Number of new listings for the month of April decreased -19% over March, and decreased -39% from April of last year.
  • Closed sales lost -8% from March from 103 to 95 homes sold. This was down -33% from April 2019.

In Monterey County, the median Single Family home cost $660,000 and sold in 10 days for 98% of the list price based on 129 sales in April 2020.

  • Inventory dipped -5% from March, and down -28% from April 2019 with 608 homes available, compared to 841 homes last year.
  • The market sped up – Average days on market (DOM) dropped -24 days from 66 to 42 or -36%; median DOM dropped by -10 days from the month before.
  • Number of new listings for the month of April decreased -36% over March and down -57% from April of last year.
  • Closed sales dropped -29% from March from 182 to 129 and down -44% from April 2019.

In San Benito County, the median Single Family home cost $614,950 and sold in 37 days for 99% of the list price based on 28 sales in April 2020.

  • Inventory rose 1% from March, but down -13% from April 2019 with 136 homes available, compared to 157 homes last year.
  • The market slowed down – 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 April decreased -29% over March, and was down -50% compared to April of last year.
  • Closed sales dipped -32% from March from 41 to 28 and dropped -49% from April 2019.

MLSListings Silicon Valley and Coastal Regions Condo/Townhouse Market Overview

April 2020 County Summaries Condo/Townhouse Market

In San Mateo County, the median Residential Common Interest home cost $1,045,000 and sold in 10 days for 103% of the list price based on 76 sales in April 2020.

  • Inventory rose 19% from March, but down -15% from April 2019 with 126 homes available, compared to 149 homes last year.
  • The market sped up – Average days on market (DOM) dropped -1 days from 18 to 17 days or -6%; median DOM remained the same as the month before.
  • Number of new listings for the month of April decreased -21% over March and decreased -43% from April of last year.
  • Closed sales decreased -34% from March from 116 to 76, and down -36% from April 2019.

In Santa Clara County, the median Residential Common Interest home cost $822,000 and sold in 8 days for 102% of the list price based on 207 sales in April 2020.

  • Inventory rose 19% from March, but down -15% from April 2019 with 126 homes available, compared to 149 homes last year.
  • The market sped up – Average days on market (DOM) dropped -1 days from 18 to 17 days or -6%; median DOM remained the same as the month before.
  • Number of new listings for the month of April decreased -21% over March and decreased -43% from April of last year.
  • Closed sales decreased -34% from March from 116 to 76, and down -36% from April 2019.

In Santa Cruz County, the median Residential Common Interest home cost $617,500 and sold in 11 days for 101% of the list price based on 24 sales in April 2020.

  • Inventory was up 1% from March but down -8% from April 2019 with 108 homes available, compared to 118 homes last year.
  • Average days on market (DOM) decreased by -21 days from 47 to 26 days; median DOM dropped -3 days from the month before.
  • Number of new listings for the month of April decreased -6% over March and dropped -51% from April of last year.
  • Closed sales dipped -20% from March from 30 to 24, and was down -48% from April 2019.

In Monterey County, the median Residential Common Interest home cost $472,500 and sold in 37 days for 98% of the list price based on 12 sales in April 2020.

  • Inventory was down -2% from March, and is down -44% from April 2019 with 87 homes available, compared to 154 homes last year.
  • Average days on market (DOM) increased 44 days from 35 to 79 or 126%; median DOM increased 30 days from the month before.
  • Number of new listings for the month of April decreased -51% over March and is down -55% from April of last year.
  • Closed sales dropped -68% from March from 38 to 12 and down -40% from April 2019.

In San Benito County, there were no Residential Common Interest homes sales in April 2020.

  • Inventory was up 50% from March, but is down -60% from April 2019 with 6 homes available, compared to 15 homes last year.
  • Number of new listings for the month of April decreased -50% over March and is down -78% from April of last year.

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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