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August 2021 Market Summary

Christina Hood

Christina Hood is a results-driven broker with over a decade of experience being a master marketer and skillful negotiator...

Christina Hood is a results-driven broker with over a decade of experience being a master marketer and skillful negotiator...

Aug 26 4 minutes read

Slight Cooling in Scorching
Real Estate Market

While it is far too early to call it a trend, July did see a noticeable mid-year pause in the otherwise red-hot real estate market for the five MLSListings counties. Home inventory grew in every county for the second month in a row, although inventories are still down across the board compared to a year ago. Median days on market (DOM) gained 2 days in San Benito County and a day in both San Mateo and Santa Cruz counties; DOM remained unchanged in Monterey and Santa Clara counties. Moreover, every county saw a decline in the amount over list price that was paid on average, with the biggest drop occurring in Santa Cruz County (from 108% to 105%). The other four counties saw the premium decline by a single percentage point. Median sale prices for single-family homes eased for a second month in a row in Monterey and San Benito counties, while Santa Clara and San Mateo counties saw the first decline in median sale price this year; Santa Cruz County median sale price gained 1% over June. The net result of all these factors was that closed sales fell from June heights across all five counties. Sales were down 8% in Santa Clara, 9% in Monterey, 10% in San Mateo and 15% in San Benito and Santa Cruz counties.


San Mateo County


 In San Mateo County, the median Single Family home cost $2,012,500 and sold in 9 days for 110% of the list price based on 510 sales in July 2021. 

• Inventory increased 10% from June and is down -16% from July 2020 with 507 homes available, compared to 708 homes last year. 

• Average days on market (DOM) increased by 2 days from June going from 14 days to 16 days or 14%; median DOM gained 1 day from the month before. 

• Number of new listings for the month of July decreased -3% over June and is up 12% from July of last year. 

• Closed sales decreased -10% from June from 568 to 510, and was up 10% from July 2020. 

Sales Prices

San Mateo County Single Family Home Prices in July 2021 versus July 2020

$2,012,500    

Median Sales Price +22%

$2,524,907     

Average Sales Price +17%

Key Indicators

San Mateo County Single Family Home Prices in July 2021 versus July 2020

598

Inventory -16%

510

Closed Sales +10%

9

Days on Market -18%

Key

604

New Listings +12%

110%

List/Sale Price 9% 0%


Santa Clara County


In Santa Clara County, the median Single Family home cost $1,655,000 and sold in 8 days for 109% of the list price based on 1227 sales in July 2021. 

• Inventory was up 14% from June, but down -8% from July 2020 with 1140 homes available, compared to 1238 homes last year. 

• Average days on market (DOM) gained 1 day from June going from 12 to 13 days or 8%; median DOM remained at 8 days, the same as June. 

• Number of new listings for the month of July increased 4% over June but was up 24% from July of last year. 

• Closed sales decreased by -8% from June from 1337 to 1227 and up 17% compared to July 2020.

Sales Prices

Santa Clara County Single Family Home Prices in July 2021 versus July 2020

$1,655,000    

Median Sales Price +20%

$2,029,155     

Average Sales Price +17%

Key Indicators

Santa Clara County Single Family Home Prices in June 2021 versus June 2020

1143

Inventory -8%

1227

Closed Sales +17%

8

Days on Market -20% 

Key

1457

New Listings +24%

109%

List/Sales Price +7%

NEW LISTINGS

See latest properties to hit the San Mateo & Santa Clara real estate markets.

NEW LISTINGS

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