South SF Bay Area inventories tight, prices booming

boomtown

JAMES HARRISON – Silicon Valley’s single-family inventories continue to be significantly lower than a year ago, but inventories are on the rise in 2013.

Single-family home inventories were up in May this year by 16 percent over April’s numbers, according to MLSListings, Inc., the multiple listing service and industry statistics tracker for the five-county South San Francisco Bay Area-to-Monterey, CA (SSFBAM) region – San Mateo, Santa Clara, San Benito, Santa Cruz and Monterey counties.

The market yielded smaller supply boosts for San Mateo (5 percent), Monterey (8 percent) and Santa Cruz (4 percent).

How the larger supply will impact skyrocketing prices in the South SF Bay Area market remains to be seen.

(Click charts to enlarge)

Year-over-year, however, single-family home supplies remained depressingly low. For the year ending in May inventories dipped by double digits from 24 percent in Santa Cruz County to 38 percent in San Benito County

Low supplies in the South SF Bay Area boosted the year-over-year median price for single-family homes by double digits in all five counties in May.

Ending in May, year-over-year, single-family home price increases

  • Monterey County, 37 percent.
  • San Benito, 29 percent
  • Santa Clara, 28 percent
  • Santa Cruz, 25 percent
  • San Mateo, 23 percent

Month-over-month, the median price for single-family homes fell in San Benito and Santa Cruz counties, but rose by 4 percent in Santa Clara County; 5 percent in San Mateo County and 8 percent in Monterey Count.

Year-over-year home sales seasonally atypical

  • Down 17 percent in Monterey County
  • Down 13 percent in San Benito County
  • Down 9 percent in Santa Clara County
  • Up 6 percent in Santa Cruz County
  • Up 4 percent in San Mateo County

In May 2013, compared to April 2013, sales were up 11 percent in Santa Clara, 18 percent in San Mateo, 59 percent in Santa Cruz and 6 percent in San Benito. Sales were down on the month by 8 percent in Monterey County.


jamesharrison
James Harrison is president and CEO of MLSListings Inc., the multiple listing service (MLS) for the South San Francisco Bay Area-to-Monterey, CA (SSFBAM) region. Harrison is a 25-year veteran of managing real estate associations and multiple listing services.

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