MLSListings Market Update – November 2021

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

Inventory & New Listings Down, Prices Up in October

As we near the end of 2021, we’re seeing drops in inventory and new listings from both a month-over-month and
year-over-year (YoY) perspective. 4 of 5 MLSListings counties saw YoY inventory drops, ranging from 19% to 40%;
San Benito County gained 12%. Median sale prices increased YoY in all counties, from a modest 2% in Monterey
County to a 21% YoY gain in San Benito County. Half of the homes in San Benito, Santa Clara and San Mateo counties spent nine or less days on market (DOM), indicating continued strong demand; median DOM was 11 days
in Monterey County and 12 days in Santa Cruz County.

The YoY comparison of percent of list price paid in October showed that premiums paid were up in every single
county, ranging from 100% of listing price paid in Monterey to 109% paid in San Mateo and Santa Clara counties,
another indicator of buyer demand. Finally, the number of closed sales dropped in all counties except for San Benito, which saw a 14% gain versus last year. Monterey saw a 21% drop in YoY sales, both San Mateo and Santa Cruz counties reported a 10% decrease and Santa Clara County fell 2%.

October 2021 Data for MLSListings Counties (from North to South):

In San Mateo County, the median Single Family home cost $1,915,000 and sold in 9 days for 109% of the list price
based on 478 sales in October 2021.

• Inventory decreased -14% from September and is down -37% from October 2020 with 493 homes available,
compared to 778 homes last year.
• Average days on market (DOM) decreased by -2 days from September going from 19 days to 17 days or -11%;
median DOM was 9 days, down 1 day from the month before.
• Number of new listings for the month of October decreased -12% over September and is down -21%
from October of last year.
• Closed sales decreased -5% from September from 505 to 478, and was down -10% from October 2020.

In Santa Clara County, the median Single Family home cost $1,621,500 and sold in 8 days for 109% of the list price
based on 1094 sales in October 2021.

• Inventory was down -20% from September, and down -40% from October 2020 with 734 homes available,
compared to 1217 homes last year.
• Average days on market (DOM) dropped -1 day from September going from 15 to 14 days or -7%; median DOM
also dropped by 1 day from the prior month.
• Number of new listings for the month of October decreased -17% over September and was down -25%
from October of last year.
• Closed sales decreased by -1% from September from 1101 to 1094 and is down -2% compared to October 2020.

In Santa Cruz County, the median Single Family home cost $1,120,000 and sold in 12 days for 104% of the list price
based on 163 sales in October 2021.

• Inventory decreased by -19% from September, and down -31% from October 2020 with 238 homes available,
compared to 346 homes last year.
• Average days on market (DOM) decreased by -1 day from 26 to 25 or -4%; median DOM gained 1 day
from the month before.
• Number of new listings for the month of October decreased -13% over September but is down -30%
from October of last year.
• Closed sales decreased by -13% from September from 187 to 163 homes sold. This is down by -10%
from October 2020.

In Monterey County, the median Single Family home cost $869,000 and sold in 11 days for 100% of the list price
based on 226 sales in October 2021.

• Inventory was down -2% from September, and down -19% from October 2020 with 460 homes available,
compared to 566 homes last year.
• Average days on market (DOM) rose by 3 days from 21 to 24 or 14%; median DOM rose by 1 day from the
month before.
• Number of new listings for the month of October increased 4% over September and was down -16%
from October of last year.
• Closed sales decreased -3% from September from 232 to 226 and down -21% from October 2020

In San Benito County, the median Single Family home cost $772,500 and sold in 8 days for 102% of the list price
based on 64 sales in October 2021.

• Inventory was up 1% from September, and up 12% from October 2020 with 131 homes available, compared
to 117 homes last year.
• Average days on market (DOM) decreased by -6 days from 20 to 14 days or -30%; median DOM decreased
by -2 days from the month before.
• Number of new listings for the month of October increased 22% over September and was up 9% compared
to October of last year.
• Closed sales increased 2% from September from 63 to 64 and is up 14% from October 2020.

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MLSListings Silicon Valley and Coastal Regions Condo/Townhouse Market Overview

October 2021 County Summaries Condo/Townhouse Market

In San Mateo County, the median Residential Common Interest home cost $895,000 and sold in 15 days for 104%
of the list price based on 161 sales in October 2021.

• Inventory was up 4% from September, but down -32% from October 2020 with 265 homes available,
compared to 391 homes last year.
• Average days on market (DOM) decreased by -1 day from 23 to 22 days or -4%; median DOM increased
by 3 days from the September number.
• Number of new listings for the month of October decreased -4% over September and decreased -15%
from October of last year.
• Closed sales dipped by -2% from September from 165 to 161 and is up 12% from October 2020.

In Santa Clara County, the median Residential Common Interest home cost $925,000 and sold in 11 days for 104%
of the list price based on 478 sales in October 2021.

• Inventory decreased by -20% from September and is down -42% from October 2020 with 488 homes available,
compared to 838 homes last year.
• Average days on market (DOM) increased 2 days from September from 19 to 21 or 11%; median DOM increased
by 2 days from the month before.
• Number of new listings for the month of October decreased -19% from September and was down -23%
from October of last year.
• Closed sales decreased -8% from September from 521 to 478 and up 10% from October 2020.

In Santa Cruz County, the median Residential Common Interest home cost $719,500 and sold in 13 days for 104%
of the list price based on 42 sales in October 2021.

• Inventory decreased -28% from September but is down -65% from October 2020 with 38 homes available,
compared to 110 homes last year.
• Average days on market (DOM) increased by 7 days from 20 to 27 or 35%; median DOM increased by 2 days
from the month before.
• Number of new listings for the month of October decreased -31% over September and is down -52%
from October of last year.
• Closed sales decreased -31% from September from 61 to 42 and is down -16% from October 2020.

In Monterey County, the median Residential Common Interest home cost $614,500 and sold in 11 days for 100%
of the list price based on 42 sales in October 2021.

• Inventory was down -12% from September and is down -40% from October 2020 with 46 homes available,
compared to 77 homes last year.
• Average days on market (DOM) increased by 12 days, from 14 to 26 or 86%; median DOM increased 3 days
from September.
• Number of new listings for the month of October increased 19% over September and is the same as last October.
• Closed sales increased by 24% from September from 34 to 42 and down -2% from October 2020.

In San Benito County, the median Residential Common Interest home cost $564,500 and sold in 6 days for 103%
of the list price based on 4 sales in October 2021.

• Inventory was down -50% from September and is down -50% from October 2020 with 2 homes available,
compared to 4 homes last year.
• Average days on market (DOM) was unchanged at 6 days; median DOM (also 6 days) was unchanged
from the month before.
• Number of new listings for the month of October decreased -33% from September and is unchanged
from October of last year.
• Closed sales were the same as September with 4 sales and is down -20% October 2020.

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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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