Glimmers of Hope as Real Estate Restrictions Relax

The resumption of in-person showings of occupied residences (under strong guidelines) on May 4, 2020 likely

alleviated some of the negative effects of the pandemic in May by keeping real estate transactions moving and

encouraging new listings to enter the market. Pricing showed gains in three of the five MLSListings counties, with

Monterey and Santa Clara each showing a 2% year-over-year increase in median price and San Benito reporting a

10% gain. Demand in Santa Clara County remained surprisingly robust, as median days on market (DOM) declined

from 12 to 11 when compared to last May (although DOM increased in the other four counties).

Not all news was good, however, as closed sales fell across the board compared to May 2019, from a low of (38%)

in Santa Cruz County to a high of (63%) in Monterey County; Santa Clara reported a decline of (52%), San Mateo

(45%), and San Benito (59%). Inventory dropped across all five counties as well year-over-year, with San Mateo

showing the lowest decline (9%) and Santa Clara showing the highest decline (27%); Monterey inventory declined

(18%), San Benito decreased (15%), and Santa Cruz dipped (14%).