MLSLISTINGS, INC – Lack of both inventory and new listings remain the major roadblock to higher closed sales in September, as indicated by year-over-year data 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.
Inventory slid in all five counties, most significantly in San Mateo County where it fell progressively for 10 months to 42 percent below year-ago levels.
New listings fell across the board compared to September 2011, most significantly in Monterey County where they are down 25 percent.
Sales were a mixed bag in September, with increases in San Benito, Santa Clara and Santa Cruz Counties, but decreases in San Mateo and Monterey Counties.
Median price showed gains of 14 to 21 percent in all five counties compared to September 2011, but month to month prices dropped or were flat in most areas.
Month-over-month comparisons showed a slowing rate of decline. While new listings declined substantially in all counties compared to August, median price changes hovered within 5 percent for each county, with the exception of San Benito, which experienced a 10 percent drop. Additionally, sales dropped within just 10 percent of the previous month.