Uncategorized February 20, 2020

2020 Begins with Inventory, New Listings Down

Continuing a trend we saw at the end of 2019, the new year began with less inventory in every MLSListings county

year-over-year. Compounding the low inventory was reduced new listings, which were also down across the board

compared to 2019. The tight supply of houses led to an increase in the velocity of the market, as median days on

market (DOM) decreased in 4 out of 5 counties, indicating that there is still healthy demand.

Meanwhile, closed sales were up in San Benito and Santa Cruz counties, but dropped in Monterey (-15%), San Mateo

(-7%), and Santa Clara (-5%). Compared to January 2019, median prices rose in Santa Clara (1%), Santa Cruz (6%)

and Monterey (10%), while falling in San Benito (-3%) and San Mateo (-2%). Finally, the actual price paid versus

list price remained the same as last year in Monterey, San Benito and San Mateo counties; Santa Clara grew

from 100% to 101% and Santa Cruz fell from 99% to 97% of listing price paid, on average.