Regional Spotlight– Median home-sale price continues to grow by double-digits in the Bay Area of California, but with such a shortage of inventory and fewer new listings, there soon may be nothing left to buy.
Year-over-year single family inventory continues its drop from January 2012 levels. Santa Clara County and San Mateo Counties were down more than 50 percent compared to the same month last year, for the second month in a row, with other counties falling only slightly less. Sales were mixed in January; San Mateo County was up 5 percent, Santa Cruz County remained flat, and Santa Clara, San Benito, and Monterey sales dipped moderately. New listings fell sharply across the board, ranging down 15 percent in Monterey County to a low of 34 percent in Santa Cruz County.
Month-over-month comparisons showed not only a drop in sales, but also in median price, average price, and total sale dollars, which will be something to watch as we move into the new year. Inventory seemed to stabilize and new listings were up in all Counties ranging from 55 percent in Santa Cruz County to a high of 76 percent in Santa Clara County.
Data for month-over-month comparisons can be found on www.mlslistings.com.