MLSListings Real Estate Market Update – January 2020

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

Year Ends with Inventory Down, Closed Sales Up

2019 concluded with median sale prices up year-over-year in every MLSListings county except for Santa Cruz. The number of homes sold in December 2019 saw double-digit increases in all counties versus last December, while inventory was down compared to December 2018 (and month-to-month) across the board.

New listings also fell in all five counties in comparison to both last month and last December. Meanwhile, the actual price paid versus list price hovered around 100% in every county, from a high of 102% in San Mateo to 97% in Monterey.

December 2019 Data for MLSListings Counties (from North to South):

In San Mateo County, the median Single Family home cost $1,475,000 and sold in 24 days for 102% of the list price based on 294 sales in December 2019.

  • Inventory was down -46% from November, and down -26% from December 2018 with 245 homes available, compared to 331 homes last year.
  • Average days on market (DOM) increased 15 days from 26 to 41 or 58%; median DOM added 11 days from the month before.
  • Number of new listings for the month of December decreased -44% over November, and down -12% from December of last year.
  • Closed sales dropped -9% from November from 390 to 321 and up 14% from December 2018.

In Santa Clara County, the median Single Family home cost $1,220,500 and sold in 21 days for 100% of the list price based on 686 sales in December 2019.

  • Inventory was down -46% from November, and down -35% from December 2018 with 539 homes available, compared to 829 homes last year.
  • Average days on market (DOM) added 2 days from 37 to 39 or 5%; median DOM added 1 day, from the month before.
  • Number of new listings for the month of December decreased -44% over November, and down -5% from December of last year.
  • Closed sales dropped -7% from November from 736 to 686 and up 18% from December 2018.

In Santa Cruz County, the median Single Family home cost $895,000 and sold in 51 days for 98% of the list price based on 153 sales in December 2019.

  • Inventory was down -42% from November, and down -26% from December 2018 with 240 homes available, compared to 324 homes last year.
  • Average days on market (DOM) gained 23 days from 52 to 75 or 44%; median DOM jumped 21 days from the month before.
  • Number of new listings for the month of December decreased -53% over November and dropped -28% from December of last year.
  • Closed sales jumped 22% from November with 153 homes sold and was up 34% from December 2018.

In Monterey County, the median Single Family home cost $616,500 and sold in 31 days for 97% of the list price based on 213 sales in December 2019.

  • Inventory dipped -21% from November, and down -15% from December 2018 with 592 homes available, compared to 698 homes last year.
  • Average days on market (DOM) dropped 3 days from 64 to 61 or -5%; median DOM increased 7 days from the month before.
  • Number of new listings for the month of December decreased -31% over November and down -8% from December of last year.
  • Closed sales rose 9% from November from 196 to 213 and up 40% from December 2018.

In San Benito County, the median Single Family home cost $600,000 and sold in 27 days for 99% of the list price based on 47 sales in December 2019.

  • Inventory was down -22% from November, and down -11% from December 2018 with 101 homes available, compared to 113 homes last year.
  • Average days on market (DOM) gained 12 days from 51 to 63 or 24%; median DOM dropped by -14 days from the month before.
  • Number of new listings for the month of December decreased -41% over November and was down -30% compared to December of last year.
  • Closed sales dipped -2% from November from 48 to 47 but rose 27% compared to sales in December 2018.

MLSListings Silicon Valley and Coastal Regions Condo/Townhouse Market Overview

December 2019 County Summaries Condo/Townhouse Market

December 2019 Data for MLSListings Counties (from North to South):

In San Mateo County, the median Residential Common Interest home cost $960,000 and sold in 25 days for 100% of the list price based on 120 sales in December 2019.

  • Inventory was down -50% from November, and down -12% from December 2018 with 84 homes available, compared to 95 homes last year.
  • Average days on market (DOM) remained the same as November at 35 days; median DOM increased 4 days from the month before.
  • Number of new listings for the month of December decreased -56% over November but increased 7% from December of last year.
  • Closed sales rose 10% from November from 109 to 120, and up 64% from December 2018.

In Santa Clara County, the median Residential Common Interest home cost $762,750 and sold in 35 days for 99% of the list price based on 276 sales in December 2019.

  • Inventory dipped -43% from November, and down -20% from December 2018 with 281 homes available, compared to 353 homes last year.
  • Average days on market (DOM) added 13 days from 42 to 55 or 31%; median DOM jumped 12 days from the month before.
  • Number of new listings for the month of December decreased -41% over November and dropped -5% from December of last year.
  • Closed sales decreased -14% from November from 322 to 276 but were up 17% from December 2018.

In Santa Cruz County, the median Residential Common Interest home cost $600,000 and sold in 17 days for 99% of the list price based on 35 sales in December 2019.

  • Inventory was down -26% from November and lost -25% from December 2018 with 76 homes available, compared to 101 homes last year.
  • Average days on market (DOM) stayed the same as November at 37 days; median DOM rose 4 days from the month before.
  • Number of new listings for the month of December decreased -35% over November but rose 5% from December of last year.
  • Closed sales decreased by -3% from November from 36 to 35, but jumped 59% from December 2018.

In Monterey County, the median Residential Common Interest home cost $505,123 and sold in 34 days for 98% of the list price based on 29 sales in December 2019.

  • Inventory dropped -20% from November, and down -28% from December 2018 with 74 homes available, compared to 103 homes last year.
  • Average days on market (DOM) increased 12 days from 71 to 83 or 17%; median DOM dipped 5 days from the month before.
  • Number of new listings for the month of December decreased -24% over November and dropped -20% from December of last year.
  • Closed sales increased 12% from November from 26 to 29 and jumped 45% from December 2018.

In San Benito County, the median Residential Common Interest home cost $361,000 and sold in 50 days for 99% of the list price based on 4 sales in December 2019.

  • Inventory dipped -25% from November and was down -47% from December 2018 with 9 homes available.
  • Average days on market (DOM) increased 16 days from 63 to 79 or 25%; median DOM added 41 days from the month before.
  • Number of new listings for the month of December increased 100% over November, but down -33% December of last year.
  • Closed sales increased 33% from November from 3 to 4 and increased 300% from December 2018.

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.

Categorized in: , , , ,

This post was written by Rumana Jabeen

Leave a Reply