February 2022 Market Minute
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...
2022 Begins with Inventory & Closed Sales Down, Median Sale Prices Up
The new year started the same way 2021 ended, with year-over-year (YoY) inventory declines in all five MLSListings counties, ranging from 7% in San Benito County to 52% in Santa Clara County; San Mateo reported a 45% decrease while both Santa Cruz and Monterey counties had 42% drops. All five counties also saw YoY median sale price gains, with San Mateo (+25%) leading the way, followed by Santa Clara (+24%), San Benito (+22%), Santa Cruz (+12%) and Monterey (+3%).
In another indication of buyer demand, premiums (i.e., percent paid over asking price) were also up YoY in four of the five counties, ranging from 100% of listing price paid in San Benito (a decline from 101% last year) to 102% paid in Monterey, 104% in Santa Cruz, 110% in San Mateo and 113% paid in Santa Clara.
Half of the homes in Santa Clara County spent 7 days or less days on the market, a drop of one day from last month. The median DOM in San Mateo County was 10 days (3 days less than last year), indicating continued strong demand. The median DOM in Monterey was 10 days, 12 days in San Benito, and 14 days in Santa Cruz County.
Finally, the number of closed sale transactions dropped in all counties compared to last January. The decline in sales was most acute in Santa Cruz County with a 32% drop, followed by San Benito at 29%, Santa Clara at 24%, San Mateo at 18% and Monterey reporting an 8% decline.
San Mateo County
In San Mateo County, the median Single Family home cost $1,888,000 and sold in 10 days for 110% of the list price based on 219 sales in January 2022.
• Inventory increased 35% from December, but is down -45% from January 2021 with 249 homes available, compared to 454 homes last year.
• Average days on market (DOM) increased by 1 day from 23 to 24 or 4%; median DOM decreased -1 day from the month before.
• Number of new listings for the month of January increased 99% over December, but is down -22% from January of last year.
• Closed sales decreased -44% from December from 388 to 219, and was down -18% from January 2021.
Sales Prices
San Mateo County Single Family Home Prices in January 2022 versus January 2021
$1,888,000
Median Sales Price +25%
$2,615,634
Average Sales Price +33%
Key Indicators
San Mateo County Single Family Home Prices in January 2022 versus January 2021
250
Inventory -45%
219
Closed Sales -18%
10
Days on Market -23%
Key
313
New Listings -22%
110%
List/Sale Price 7% 0%
Santa Clara County
In Santa Clara County, the median Single Family home cost $1,694,444 and sold in 7 days for 113% of the list price based on 490 sales in January 2022.
• Inventory was up 61% from December, but down -52% from January 2021 with 381 homes available, compared to 794 homes last year.
• Average days on market (DOM) decreased -2 days from 16 to 14 or -12%; median DOM dropped -1 day from December.
• Number of new listings for the month of January increased 68% over December, but was down -20% from January of last year.
• Closed sales dipped -40% from December from 811 to 490 and down -24% compared to January 2021.
Sales Prices
Santa Clara County Single Family Home Prices in January 2022 versus January 2021
$1,688,888
Median Sales Price +24%
$2,050,668
Average Sales Price +26%
Key Indicators
Santa Clara County Single Family Home Prices in January 2022 versus January 2021
381
Inventory -52%
491
Closed Sales -24%
7
Days on Market -22%
Key
696
New Listings -20%
113%
List/Sales Price +9%
NEW LISTINGS
See latest properties to hit the San Mateo & Santa Clara real estate markets.