Uncategorized March 20, 2020

Inventory and Median Days on Market Drop Again

Inventory was again down year-over-year across all five MLSListings counties, maintaining a trend from the end

of 2019. Inventory fell the least in Santa Cruz (12% less than last year) and decreased the most in Santa Clara

(37% less than last February). The market continued to move quickly, as median Days on Market data showed

transactions closed in far fewer days than February 2019 in all counties except San Benito. In Santa Cruz,

for example, half of the closed sales happened in 25 days or less, compared to 64 days last February.

There were robust year-over-year gains in median price in Monterey (20%), Santa Clara (15%), and San Mateo (11%)

counties, while median price was flat in San Benito and down 5% in Santa Cruz. Closed sales were up in Santa Cruz,

held steady in San Mateo, and dropped in Santa Clara (2%), Monterey (3%), and San Benito (22%). Lastly, new listings

grew in San Mateo, San Benito and Santa Cruz counties.