2021 Real Estate Market Off to a Hot Start 

Riding the positive momentum from last year, the real estate market in the five MLSListings counties started with a bang in 2021, as nearly all market indicators were up compared to January 2020. Closed sales improved over the same month last year in every county; Santa Clara County (up 46%) saw its best January since 2012, and San Mateo County (up 35%) had more closed sales than any prior January going back to 2014. Monterey County sales grew 15% versus 2020, Santa Cruz showed a 29% improvement, and San Benito increased 42% increase. All counties reported an increase in median sale price over January 2020, ranging from a 13% gain in San Mateo County to a 33% hike in Monterey County. The combination of increased closed sales and prices led to a leap in sales volume in all counties. For the first time ever in January, sales volume for single-family homes in Santa Clara county topped $1 billion dollars, a 64% increase over the prior year. Sales volume growth was even greater in Santa Cruz (66%) and San Benito (90%) counties, while San Mateo was up by 46% and Monterey County rose 59%. Finally, days on market (DOM) are typically longer in January as buyers return from the holidays, but this January was dramatically different, as half the homes in all counties came off the market in 18 days or less. The median time a listing spent on the market in Santa Clara County was half of that, as January median DOM dropped into single-digit territory at 9 days.

In San Mateo County, the median Single Family home cost $1,605,000 and sold in 14 days for 103% of the list price based on 241 sales in January 2021.

 • Inventory increased 17% from December, and is up 28% from January 2020 with 400 homes available, compared to 313 homes last year. 

• Average days on market (DOM) increased by 6 days from 29 to 35 or 21%; median DOM increased 1 day from the month before. 

• Number of new listings for the month of January increased 67% over December, and is up 33% from January of last year. 

• Closed sales decreased -41% from December from 411 to 241, and was up 35% from January 2020. 

In Santa Clara County, the median Single Family home cost $1,375,000 and sold in 9 days for 104% of the list price based on 616 sales in January 2021. 

• Inventory was up 17% from December, and up 26% from January 2020 with 809 homes available, compared to 643 homes last year. 

• Average days on market (DOM) increased 2 days from 22 to 24 or 9%; median DOM was unchanged from December. 

• Number of new listings for the month of January increased 27% over December, and was up 33% from January of last year. 

• Closed sales dipped -32% from December from 903 to 616 and up 46% compared to January 2020.