Low inventories continued stiff, double-digit upward pressure on home prices in August, in the five-county, South San Francisco Bay Area-to-Monterey, CA (SSFBAM) region, which includes San Mateo, Santa Clara, San Benito, Santa Cruz and Monterey counties.
During the same period, condo prices jumped 125 percent, 87 percent and 41 percent in Monterey, San Benito and Santa Clara counties, respectively.
Year-over-year inventories were down by double digits of 19 percent or more in all markets except Monterey’s condo market where inventories fell only four percent, according to MLS Listings, the area’s multiple listing service and real estate data depot.
Santa Clara and San Mateo counties shared the largest drop in single family home inventories, down 39 percent.
Condo inventories were down most over the year in Santa Clara, 51 percent and San Mateo, 46 percent.
Nationwide, the single-family home inventory was down only 31.2 percent, according to the National Association of Realtors.
Compared to 2011, single family home sales were up 20 percent in Santa Cruz County, 12 percent in San Benito County, 3 percent in Santa Clara County, but down 4 percent and 2 percent in Monterey and San Mateo counties, respectively.
Condo sales were up on the year 100 percent in San Benito County, up 84 percent in Santa Cruz County, up 26 percent in San Mateo County, up 8 percent in Monterey County, but down 6 percent in Santa Clara County, MLSListings.com reported.
Over the year, low inventories pushed days on the market for single family homes down an average 29 percent in all counties. Days on the market for condos ranged from being down 29 percent in Santa Cruz County to up 200 percent in San Benito County.
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