Regional Spotlight—Single family home inventory is still down double digits from the same time last year ranging anywhere from 19 to 39 percent. Santa Clara and San Mateo counties shared the largest drop at 39 percent. This is more than the national average of 31.2 percent as reported by the National Association of REALTORS®.
Compared to 2011, sales were up 20 percent in Santa Cruz County, 12 percent in San Benito County, three percent in Santa Clara County, but Monterey and San Mateo counties are down four and two percent respectively. Median home price is very healthy when compared to 2011. San Benito prices increased 38 percent, Monterey 27 percent, Santa Cruz 17 percent, Santa Clara 12 percent and San Mateo just four percent.
Month-over-month comparisons tell us that sales were up a healthy 26 percent in Santa Cruz County, 10 percent in both Monterey and San Benito Counties, flat in Santa Clara County and down eight percent in San Mateo County.
In general, days on market decreased anywhere from 23 to 39 percent in all counties because of the low inventory numbers. Compared to July 2012, median prices started to feel some downward pressure and dropped seven percent in Santa Cruz County, three percent in both San Mateo and Santa Clara counties, but increased 22 percent in San Benito County and 14 percent in Monterey County.
MLSListings, a not-for-profit organization, represents more than 16,000 MLS subscribers in approximately 6,000 firms, in an area covering 28,000 square miles.
For more information, visit www.mlslistings.com.