Booming Real Estate Marches Forward   

The real estate market in the five MLSListings counties continued its torrid pace in March, as once more market indicators rose compared to a year ago. Closed sales in Santa Clara County (up 43%) were the highest since 2012, and San Mateo County (up 29%) saw more closed sales than any prior March going back to 2013. Santa Cruz (up 45%), San Benito (up 29%), and Monterey (up 17%) counties also all increased in closed sales versus last year. All counties reported an increase in median sale price for single-family homes over March 2020, ranging from a 13% gain in San Mateo County to a 41% hike in Monterey County. In fact, four of the five counties (all except Santa Cruz) reached new all-time highs in median sale price. Total dollars transacted for single-family homes continued to reach new levels in all counties, with sales volume growing 47% in San Mateo, 62% in San Benito, 65% in Santa Clara, 69% in Monterey, and 87% in Santa Cruz. In another sure sign of the hot market, days on market (DOM) maintained its downward trend. Half the homes in Monterey County came off the market in 12 days or less. The median time a listing spent on the market in Santa Clara, San Mateo and San Benito counties was 8 days, while half the homes in Santa Cruz County sold in 11 days or less. Home inventory attained historic lows in Santa Cruz and Monterey counties. San Benito County inventory was at its lowest point since 2015, and San Mateo County inventory was the lowest it’s been since 2018. Inventory improved slightly over last year in Santa Clara County, but is still well off the level it was at in 2019. Finally, new listings were up compared to last March in all five counties.

In San Mateo County, the median Single Family home cost $1,990,000 and sold in 8 days for 107% of the list price based on 361 sales in March 2021. 

• Inventory increased 4% from February, but is down -1% from March 2020 with 433 homes available, compared to 437 homes last year. 

• Average days on market (DOM) decreased by -9 days from 29 to 20 or -31%; median DOM decreased -1 day from the month before. 

• Number of new listings for the month of March increased 31% over February, and is up 43% from March of last year. 

• Closed sales increased 46% from February from 247 to 361, and was up 28% from March 2020 

In Santa Clara County, the median Single Family home cost $1,600,000 and sold in 8 days for 109% of the list price based on 913 sales in March 2021. 

• Inventory was up 5% from February, and up 4% from March 2020 with 950 homes available, compared to 917 homes last year. 

• Average days on market (DOM) decreased -8 days from 27 to 19 or -30%; median DOM dropped -1 day from February. 

• Number of new listings for the month of March increased 33% over February, and was up 54% from March of last year. 

• Closed sales increased 50% from February from 610 to 913 and up 43% compared to March 2020.