MLSListings Real Estate Market Update – April 2020

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

Positive Momentum Curtailed by Shelter-in-Place

Prior to the March 16 shelter-in-place (SIP) order, the first half of March was looking quite promising in terms of sales and prices. In fact, 3 counties (Monterey, San Mateo and Santa Clara) ended March with higher median prices than a year ago despite the SIP. Also telling was that Median Days on Market, a key indicator of demand and the overall speed of the market, dropped by more than 20% in all counties, and Santa Clara returned to single digit Median DOM (8 days). Similarly, the price paid for homes showed an increased premium compared to a year ago in San Mateo, Santa Clara and Santa Cruz where the average % of list price paid is 106% in Santa Clara and San Mateo and 101% in Santa Cruz.

It is impossible to determine for certain to what extent the mid-month SIP hampered the local market, but next month’s data should paint a clearer picture of its negative impact.

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

In San Mateo County, the median Single Family home cost $1,770,000 and sold in 10 days for 106% of the list price based on 272 sales in March 2020.

  • Inventory was the same as February, and down -16% from March 2019 with 395 homes available, compared to 473 homes last year.
  • The market sped up – Average days on market (DOM) dropped by -10 days from 32 to 22 or -31%; median DOM dropped -1 day from the month before.
  • Number of new listings for the month of March decreased -6% over February, and was down -20% from March of last year.
  • Closed sales rose 23% from February from 222 to 272, but was down -13% from March 2019.

In Santa Clara County, the median Single Family home cost $1,400,000 and sold in 8 days for 106% of the list price based on 628 sales in March 2020.

  • Inventory was up 9% from February, but down -35% from March 2019 with 848 homes available, compared to 1304 homes last year.
  • Average days on market (DOM) dropped -8 days from 30 to 22 or -27%; median DOM remained the same as the month before.
  • Number of new listings for the month of March decreased -4% over February, and down -19% from March of last year.
  • Closed sales increased 28% from February from 491 to 628 and down -20% from March 2019.

In Santa Cruz County, the median Single Family home cost $922,500 and sold in 12 days for 101% of the list price based on 102 sales in March 2020.

  • Inventory was up 8% from February, and down -18% from March 2019 with 308 homes available, compared to 377 homes last year.
  • Average days on market (DOM) dipped -25 days from 73 to 48 or -34%; median DOM dropped -13 days from the month before.
  • Number of new listings for the month of March increased 1% over February, but decreased -16% from March of last year.
  • Closed sales rose 17% from February with 102 homes sold. This was down -16% from March 2019.

In Monterey County, the median Single Family home cost $680,000 and sold in 23 days for 98% of the list price based on 177 sales in March 2020.

  • Inventory dipped -4% from February, and down -17% from March 2019 with 627 homes available, compared to 758 homes last year.
  • The market sped up – Average days on market (DOM) dropped -9 days from 76 to 67 or -12%; median DOM dropped by -5 days from the month before.
  • Number of new listings for the month of March increased 9% over February and down -1% from March of last year.
  • Closed sales rose 20% from February from 147 to 177 but down -14% from March 2019.

In San Benito County, the median Single Family home cost $605,000 and sold in 28 days for 99% of the list price based on 41 sales in March 2020.

  • Inventory rose 2% from February, but down -8% from March 2019 with 131 homes available, compared to 142 homes last year.
  • The market sped up – Average days on market (DOM) decreased by -29 days from 81 to 52 or -36%; median DOM dropped by -27 days from the month before.
  • Number of new listings for the month of March decreased -22% over February, but was up 14% compared to March of last year.
  • Closed sales rose 52% from February from 27 to 41 and equaled the sold count from March 2019.

Market Snapshot for Single Family Home

Market Snapshot for Condo/Townhouse

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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