Median Prices Up, Inventory Down

Buyers looking for a pandemic bargain might be disappointed as median prices rose in all five MLSListings counties
compared to a year ago. Closed sales were up across the board when compared to May 2020, but still down compared
to June 2019 in 4 out of 5 counties; only Santa Cruz rose (by 16%) versus last year. In Santa Clara and San Mateo counties,
homes are on the market for fewer days compared to last June, but median days on market were longer in other
counties. The average percent of list price received fell in Santa Clara and San Mateo counties compared to last June,
with homes commanding 101% of the list price on average (versus a 105% premium in San Mateo County and a 102%
premium Santa Clara County last year).
Meanwhile, housing supply remains at very low levels, as inventory was less than June 2019 across all five counties.
Likewise, new listings coming onto the market were down in 3 out of 5 counties (Santa Clara, Santa Cruz and San Benito);
Monterey was flat compared to last year and San Mateo saw a 15% increase in new listings over the prior year.