Strong Demand for Housing Continues Despite COVID

Undeterred by the coronavirus pandemic, the real estate market continued to exhibit strength during July. Median prices again rose across all five MLSListings counties compared to July 2019; the lowest gain was 7% in Santa Clara County, and the highest increase in median price was 19% in San Benito County. Closed sales remained robust across the board, both month-over-month and year-over-year. Further displaying this resilience, median days on market dropped in every county except for San Benito and new listings coming on the market grew versus last year in all counties except for Santa Cruz.

Inventory stayed problematic in all counties, with 4 out of five counties showing year-over-year decreases. Santa Clara’s inventory is 1/3 less than this time last year and Santa Cruz inventory is down by 35%. While San Mateo showed a modest 12% gain in inventory, it is still at historically low levels. Even with the strong demand, premiums paid (amount paid over asking) is close to 100% in all counties and steady with both last month and last year in all counties except for San Mateo, which saw a 4% drop in average premium paid, from 105% of the list last year to 101% of the list this year.

In San Mateo County, the median Single Family home cost $1,725,000 and sold in 11 days for 101% of the list price based on 434 sales in July 2020.

• Inventory was up 2% from June, and up 12% from July 2019 with 623 homes available, compared to 555 homes last year.

• Average days on market (DOM) dropped -2 days from 32 to 30 days or -6%; median DOM increased 1 day from the month before.

• The number of new listings for the month of July decreased -2% over June but is up 41% from July of last year.

• Closed sales increased 23% from June from 352 to 434, but was up 12% from July 2019

In Santa Clara County, the median Single Family home cost $1,380,000 and sold in 10 days for 102% of the list price based on 1004 sales in July 2020.

• Inventory was down -6% from June, and down -32% from July 2019 with 1154 homes available, compared to 1696 homes last year.

• Average days on market (DOM) increased 5 days from 24 to 29 or 21%; median DOM dropped -1 day from June.

• The number of new listings for the month of July increased 8% over June, and up 18% from July of last year.

• Closed sales increased 16% from June from 863 to 1004 and up 10% compared to July 2019.