South SF Bay to Monterey, CA inventories lower, prices higher in August

housingrecovery

MLSLISTINGS, INC – The single family home inventory remains down by double digits from a year ago, ranging from 19 to 39 percent, 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.

Santa Clara and San Mateo counties shared the largest drop at 39 percent.

The national average was 31.2 percent, according to the National Association of Realtors.

Compared to 2011, sales were up 20 percent in Santa Cruz County, 12 percent in San Benito County, 3 percent in Santa Clara County, but Monterey and San Mateo counties are down four and two percent respectively.

Median home price is very healthy when compared to 2011. San Benito prices increased 38 percent, Monterey 27 percent, Santa Cruz 17 percent, Santa Clara 12 percent, and San Mateo just 4 percent.

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Month-over-month comparisons reveal sales were up a healthy 26 percent in Santa Cruz County, 10 percent in both Monterey and San Benito Counties, flat in Santa Clara County, and down 8 percent in San Mateo County.

In general, days on market decreased anywhere from 23 to 39 percent in all counties because of the low inventory numbers.

Compared to July 2012, median prices started to feel some downward pressure and dropped 7 percent in Santa Cruz County, 3 percent in both San Mateo and Santa Clara counties, but increased 22 percent in San Benito County and up 14 percent in Monterey County.

Click image to enlarge.

Source: MLSListings, Inc. August 2012 Market Data Report.

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