MLSListings Real Estate Market Update – February 2020

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

2020 Begins with Inventory, New Listings Down

Continuing a trend we saw at the end of 2019, the new year began with less inventory in every MLSListings county year-over-year. Compounding the low inventory was reduced new listings, which were also down across the board compared to 2019. The tight supply of houses led to an increase in the velocity of the market, as median days on market (DOM) decreased in 4 out of 5 counties, indicating that there is still healthy demand.

Meanwhile, closed sales were up in San Benito and Santa Cruz counties, but dropped in Monterey (-15%), San Mateo (-7%), and Santa Clara (-5%). Compared to January 2019, median prices rose in Santa Clara (1%), Santa Cruz (6%) and Monterey (10%), while falling in San Benito (-3%) and San Mateo (-2%). Finally, the actual price paid versus list price remained the same as last year in Monterey, San Benito and San Mateo counties; Santa Clara grew from 100% to 101% and Santa Cruz fell from 99% to 97% of listing price paid, on average.

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

In San Mateo County, the median Single Family home cost $1,422,250 and sold in 21 days for 102% of the list price based on 178 sales in January 2020.

  • Inventory was down -20% from December, and down -30% from January 2019 with 296 homes available, compared to 421 homes last year.
  • Average days on market (DOM) remained the same as last month at 41 days; median DOM dropped -4 days from the month before.
  • Number of new listings for the month of January increased 153% over December, and down -14% from January of last year.
  • Closed sales dropped -40% from December from 296 to 178 and down -7% from January 2019.

In Santa Clara County, the median Single Family home cost $1,200,000 and sold in 21 days for 101% of the list price based on 418 sales in January 2020.

  • Inventory was up 13% from December, but down -38% from January 2019 with 617 homes available, compared to 1003 homes last year.
  • Average days on market (DOM) added 6 days from 39 to 45 or 15%; median DOM remained the same as the month before.
  • Number of new listings for the month of January increased 151% over December, and down -16% from January of last year.
  • Closed sales dropped -40% from December from 692 to 418 and down -5% from January 2019.

In Santa Cruz County, the median Single Family home cost $869,500 and sold in 67 days for 97% of the list price based on 96 sales in January 2020.

  • Inventory was down -8% from December, and down -24% from January 2019 with 223 homes available, compared to 292 homes last year.
  • Average days on market (DOM) gained 13 days from 75 to 88 or 17%; median DOM jumped 16 days from the month before.
  • Number of new listings for the month of January increased 131% over December and dropped -6% from January of last year.
  • Closed sales dropped -37% from December with 96 homes sold and was up 30% from January 2019.

In Monterey County, the median Single Family home cost $649,500 and sold in 42 days for 98% of the list price based on 142 sales in January 2020.

  • Inventory rose 6% from December, but down -14% from January 2019 with 627 homes available, compared to 726 homes last year.
  • Average days on market (DOM) rose 5 days from 61 to 66 or 8%; median DOM increased 7 days from the month before.
  • Number of new listings for the month of January increased 83% over December and down -11% from January of last year.
  • Closed sales dropped -34% from December from 214 to 142 and up -15% from January 2019.

In San Benito County, the median Single Family home cost $575,018 and sold in 32 days for 99% of the list price based on 32 sales in January 2020.

  • Inventory was the same as December, but down -28% from January 2019 with 104 homes available, compared to 145 homes last year.
  • Average days on market (DOM) dropped -16 days from 63 to 47 or 25%; median DOM rose by 5 days from the month before.
  • Number of new listings for the month of January increased 81% over December and was down -20% compared to January of last year.
  • Closed sales dipped -32% from December from 47 to 32 but rose 167% compared to sales in January 2019.

MLSListings Silicon Valley and Coastal Regions Condo/Townhouse Market Overview

January 2020 County Summaries Condo/Townhouse Market

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

In San Mateo County, the median Residential Common Interest home cost $847,500 and sold in 21 days for 102% of the list price based on 74 sales in January 2020.

  • Inventory was up 14% from December, and down -28% from January 2019 with 98 homes available, compared to 137 homes last year.
  • Average days on market (DOM) moved up 2 days from 36 to 38 days; median DOM decreased -4 days from the month before.
  • Number of new listings for the month of January increased 136% over December but decreased -1% from January of last year.
  • Closed sales dropped -39% from December from 122 to 74, and up 42% from January 2019.

In Santa Clara County, the median Residential Common Interest home cost $787,500 and sold in 33 days for 100% of the list price based on 202 sales in January 2020.

  • Inventory rose 5% from December, but is down -36% from January 2019 with 300 homes available, compared to 467 homes last year.
  • Average days on market (DOM) dropped 1 day from 55 to 54 or -2%; median DOM dropped -2 days from the month before.
  • Number of new listings for the month of January increased 187% over December but was down -7% from January of last year.
  • Closed sales decreased -27% from December from 276 to 202 but were up 29% from January 2019.

In Santa Cruz County, the median Residential Common Interest home cost $620,000 and sold in 13 days for 100% of the list price based on 25 sales in January 2020.

  • Inventory was up 21% from December but lost -9% from January 2019 with 92 homes available, compared to 101 homes last year.
  • Average days on market (DOM) went down by 2 days from 37 to 35 days; median DOM lost -4 days from the month before.
  • Number of new listings for the month of January increased 150% over December and rose 28% from January of last year.
  • Closed sales decreased by -29% from December from 35 to 25, and was down -4% from January 2019.

In Monterey County, the median Residential Common Interest home cost $472,500 and sold in 30 days for 99% of the list price based on 21 sales in January 2020.

  • Inventory dropped -1% from December, and down -30% from January 2019 with 74 homes available, compared to 105 homes last year.
  • Average days on market (DOM) decreased -21 days from 83 to 62 or -25%; median DOM dipped -4 days from the month before.
  • Number of new listings for the month of January increased 100% over December and dropped -4% from January of last year.
  • Closed sales dropped -28% from December from 29 to 21 and rose 5% from January 2019.

In San Benito County, the median Residential Common Interest home cost $378,500 and sold in 151 days for 99% of the list price based on 3 sales in January 2020.

  • Inventory dipped -11% from December and was down -27% from January 2019 with 8 homes available.
  • Average days on market (DOM) increased 31 days from 79 to 110 or 39%; median DOM added 101 days from the month before.
  • Number of new listings for the month of January decreased -50% over December and the same as January of last year.
  • Closed sales decreased -25% from December from 4 to 3 and stayed the same from January 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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