MLSListings Real Estate Market Update – March 2020

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

Inventory and Median Days on Market Drop Again

Inventory was again down year-over-year across all five MLSListings counties, maintaining a trend from the end of 2019. Inventory fell the least in Santa Cruz (12% less than last year) and decreased the most in Santa Clara (37% less than last February). The market continued to move quickly, as median Days on Market data showed transactions closed in far fewer days than February 2019 in all counties except San Benito. In Santa Cruz,
for example, half of the closed sales happened in 25 days or less, compared to 64 days last February.

There were robust year-over-year gains in median price in Monterey (20%), Santa Clara (15%), and San Mateo (11%) counties, while median price was flat in San Benito and down 5% in Santa Cruz. Closed sales were up in Santa Cruz, held steady in San Mateo, and dropped in Santa Clara (2%), Monterey (3%), and San Benito (22%). Lastly, new listings grew in San Mateo, San Benito and Santa Cruz counties.

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

In San Mateo County, the median Single Family home cost $1,575,000 and sold in 11 days for 105% of the list price based on 219 sales in February 2020.

  • Inventory was up by 29% from January, and down -16% from February 2019 with 390 homes available, compared to 463 homes last year.
  • Average days on market (DOM) dropped by -9 days from 41 to 32 or -22%; median DOM dropped -10 days from the month before.
  • Number of new listings for the month of February increased 40% over January, and was up 12% from February of last year.
  • Closed sales rose 22% from January from 179 to 219, which was the same number sold in February 2019 (no change).

In Santa Clara County, the median Single Family home cost $1,340,000 and sold in 8 days for 104% of the list price based on 487 sales in February 2020.

  • Inventory was up 23% from January, but down -37% from February 2019 with 765 homes available, compared to 1222 homes last year.
  • Average days on market (DOM) dropped -15 days from 44 to 29 or -34%; median DOM dropped -13 days the month before.
  • Number of new listings for the month of February increased 46% over January, and down -5% from February of last year.
  • Closed sales increased 16% from January from 421 to 487 and down -3% from February 2019.

In Santa Cruz County, the median Single Family home cost $900,000 and sold in 24 days for 99% of the list price based on 85 sales in February 2020.

  • Inventory was up 25% from January, and down -12% from February 2019 with 282 homes available, compared to 321 homes last year.
  • Average days on market (DOM) dipped -17 days from 88 to 71 or -19%; median DOM dropped -43 days from the month before.
  • Number of new listings for the month of February increased 81% over January, and increased 24% from February of last year.
  • Closed sales dropped -11% from January with 85 homes sold and was up 1% from February 2019.

In Monterey County, the median Single Family home cost $699,000 and sold in 28 days for 98% of the list price based on 145 sales in February 2020.

  • Inventory rose 2% from January, but down -15% from February 2019 with 645 homes available, compared to 760 homes last year.
  • Average days on market (DOM) rose 8 days from 66 to 74 or 12%; median DOM dropped by -15 days from the month before.
  • Number of new listings for the month of February decreased -4% over January and down -16% from February of last year.
  • Closed sales rose 1% from January from 143 to 145 but down -3% from February 2019.

In San Benito County, the median Single Family home cost $595,000 and sold in 55 days for 98% of the list price based on 25 sales in February 2020.

  • Inventory rose 23% from January, but down -18% from February 2019 with 129 homes available, compared to 157 homes last year.
  • Average days on market (DOM) increased by 29 days from 49 to 78 or 59%; median DOM rose by 22 days from the month before.
  • Number of new listings for the month of February increased 53% over January and was up 33% compared to February of last year.
  • Closed sales dipped -24% from January from 33 to 25 but dipped by -22% compared to sales in February 2019.

MLSListings Silicon Valley and Coastal Regions Condo/Townhouse Market Overview

February 2020 County Summaries Condo/Townhouse Market

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

In San Mateo County, the median Residential Common Interest home cost $951,000 and sold in 15 days for 103% of the list price based on 73 sales in February 2020.

  • Inventory was up 26% from January, but down -17% from February 2019 with 123 homes available, compared to 148 homes last year.
  • Average days on market (DOM) moved up 1 day from 38 to 39 days or 3%; median DOM decreased -7 days from the month before.
  • Number of new listings for the month of February increased 44% over January but increased 16% from February of last year.
  • Closed sales dropped -3% from January from 75 to 73, and dipped -13% from February 2019.

In Santa Clara County, the median Residential Common Interest home cost $792,500 and sold in 12 days for 102% of the list price based on 258 sales in February 2020.

  • Inventory rose 5% from January, but is down -39% from February 2019 with 319 homes available, compared to 527 homes last year.
  • Average days on market (DOM) dropped -19 days from 53 to 34 or -36%; median DOM dropped -20 days from the month before.
  • Number of new listings for the month of February increased 15% over January but was the same as February of last year.
  • Closed sales increased 26% from January from 205 to 258 but were up 34% from February 2019.

In Santa Cruz County, the median Residential Common Interest home cost $550,000 and sold in 26 days for 99% of the list price based on 29 sales in February 2020.

  • Inventory was up 16% from January and up 9% from February 2019 with 107 homes available, compared to 98 homes last year.
  • Average days on market (DOM) went up by 6 days from 35 to 41 days; median DOM rose 13 days from the month before.
  • Number of new listings for the month of February increased 10% over January and rose 31% from February of last year.
  • Closed sales increased by 16% from January from 25 to 29, and was down -22% from February 2019.

In Monterey County, the median Residential Common Interest home cost $527,500 and sold in 50 days for 98% of the list price based on 18 sales in February 2020.

  • Inventory rose 36% from January, but is down -11% from February 2019 with 101 homes available, compared to 113 homes last year.
  • Average days on market (DOM) increased 12 days from 62 to 74 or 19%; median DOM rose 20 days from the month before.
  • Number of new listings for the month of February increased 63% over January and is up 49% from February of last year.
  • Closed sales dropped -14% from January from 21 to 18 and down -28% from February 2019.

In San Benito County, the median Residential Common Interest home cost $525,000 and sold in 149 days for 100% of the list price based on 5 sales in February 2020.

  • Inventory dipped -75% from January and was down -82% from February 2019 with 2 homes available.
  • Average days on market (DOM) decreased -3 days from 110 to 107 or -3%; median DOM dropped -2 days from the month before.
  • Number of new listings for the month of February increased 100% over January, and is up 100% from February of last year.
  • Closed sales increased 67% from January from 3 to 5 and increased 67% from February 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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