No Fall Cool Off - Local Real Estate Market Stays Hot

Driven by high demand coupled with low inventory and continued low-interest rates, the real estate market in the five MLSListings counties maintained its blistering pace during November. Closed sales improved in all counties over the same month last year; in fact, November activity in San Benito and Santa Clara counties was at its highest in 11 years. In Monterey and San Mateo counties, the last time November had this much activity was in 2012, and Santa Cruz had its best November since 2017. Median sale price once again grew across the board compared to November 2019, ranging from 3% in San Mateo County to 25% in Monterey County. The median time a listing spent on the market (i.e., days on market, or DOM) stayed at 12 days or less in all five counties, as DOM once again decreased everywhere, from 8% in San Mateo County at the low end to 76% in San Benito County at the high end. Low inventory continued to be a factor in all five counties, with only San Mateo showing a 19% improvement over the already-low inventory versus November 2019. Meanwhile, inventory was down in other counties year-over-year, from 10% in Santa Clara to 32% in Santa Cruz. Finally, new listings were up in all counties except for San Benito compared to November 2019.

In San Mateo County, the median Single Family home cost $1,650,000 and sold in 12 days for 103% of the list price based on 413 sales in November 2020.

• Inventory dropped -20% from October, but is up 19% from November 2019 with 556 homes available, compared to 468 homes last year.

• Average days on market (DOM) increased by 5 days from 22 to 27 or 23%; median DOM increased 2 days from the month before.

• Number of new listings for the month of November dipped -40% over October, but is up 71% from November of last year.

• Closed sales decreased -18% from October from 503 to 413, and was up 28% from November 2019.

In Santa Clara County, the median Single Family home cost $1,385,500 and sold in 8 days for 104% of the list price based on 978 sales in November 2020.

• Inventory was down -22% from October, and down -10% from November 2019 with 915 homes available, compared to 1012 homes last year.

• Average days on market (DOM) decreased -3 days from 22 to 19 or -14%; median DOM dropped -1 day from October.

• Number of new listings for the month of November decreased -40% over October, but was up 67% from November of last year.

• Closed sales dipped -10% from October from 1088 to 978 and up 32% compared to November 2019