Here’s the latest from MLSListings Silicon Valley and Coastal Regions
– Single-Family Homes Market Overview
The SF Bay Area real estate market continued to show its strength during July, even in the midst of the COVID19 pandemic.
Median prices again rose across all five MLSListings counties compared to July 2019; the lowest gain was 7% in Santa Clara County, and the highest increase in median price was 19% in San Benito County.
Closed sales remained robust across the board, both month-over-month and year-over year.
Further displaying this resilience, median days on market dropped in every county except for San Benito and new listings coming on the market grew versus last year in all counties except for Santa Cruz.
Inventory stayed problematic in all counties, with 4 out of five counties showing year-over-year decreases.
Santa Clara’s inventory is 1/3 less than this time last year and Santa Cruz inventory is down by 35%.
While San Mateo showed a modest 12% gain in inventory, it is still at historically low levels.
Even with the strong demand, premiums paid (amount paid over asking) is close to 100% in all counties and steady with both last month and last year in all counties except for San Mateo, which saw a 4% drop in average premium paid, from 105% of list last year to 101% of list this year.
San Mateo County – Q4 2019
• In San Mateo County, median sales prices for single family homes rose to an all-time high of $1.544 million.
• Inventories have rebounded slightly from 2017 but are still very low.
• Sales are dismal; the weakest they’ve been since 2008.
• All metrics still point to a very tight market – there are very few active listings, median days-on-market is just 14 and final sales price is consistently well above listing price.
• “Even with prices hovering around $1.5 million, there’s simply nothing to buy.” – Elliot Eisenberg, PhD
• The common interest market in San Mateo is not quite as tight as the single-family market and seems to have loosened up a bit from last year, as seen in median sales price declining from $920k to $901k, and days on market rose slightly. However, inventories remain tight.
For private tours & buyer consultation meeting, contact Lynne MacFarlane, Realtor
(831) 346-2743 text/voice
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.
** If you’re interested in receiving a property analysis of your home don’t hesitate to call or email me!
LYNNE MACFARLANE, MCDM, REALTOR
INTERO | A BERKSHIRE HATHAWAY AFFILIATE