Median Prices Hold Steady, But SIP Showing Its Impact

Despite the shelter-in-place (SIP) order in mid-March, median prices held up in April, even gaining compared to

last April in 4 of the 5 MLSListings counties; Santa Cruz County showed a 4% decrease in median price. Premiums

(i.e., the amount paid above/below the list price) also closely mirrored last year, with San Mateo at 104%, Santa

Clara at 103%, Santa Cruz and San Benito both at 99%, and Monterey at 98% on average.

However, the SIP showed its effects dramatically in closed sales, which were off by up to 50% from 2019, with San

Mateo down (50%), San Benito at (49%), Monterey at (44%), Santa Clara at (36%), and Santa Cruz County dipping

(33%). Moreover, new listings were off, ranging from (39%) in San Mateo and Santa Cruz counties to (57%) in

Monterey County. This will impact total inventory in what are typically the busiest months of the year.