January 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...
2021 Ends with Median Sale Prices
and Premiums Up,
Inventory Down
The conclusion of 2021 saw year-over-year (YoY) increases in both median sale price and percent of list price received in December. All five MLSListings counties saw YoY price gains, with Santa Clara (+25%) leading the way, followed by Santa Cruz (+12%), Monterey (+11%), San Mateo (+10%) and San Benito (+9%). In another indication of buyer demand, premiums (i.e., percent paid over asking price) were also up in all five counties, ranging from 101% of listing price paid in Monterey and San Benito to 111% paid in Santa Clara County.
Half of the homes in Santa Clara County spent 8 days or less days on the market, the same as last month. In San Mateo County, the median DOM was 11 days (which is 2 days less than last year, indicating continued strong demand). Median DOM was 13 days in Monterey, 16 days in San Benito, and 12 days in Santa Cruz County.
All counties saw YoY inventory drops, ranging from 22% in San Benito County to 66% in Santa Clara County. Finally, the number of closed sale transactions dropped in all counties except for San Benito, which saw a 52% gain versus last year. Monterey dipped less than 1% in YoY sales, San Mateo fell 12%, Santa Clara decreased 14% and Santa Cruz saw a 22% reduction compared to December 2020.
San Mateo County
In San Mateo County, the median Single Family home cost $1,800,000 and sold in 11 days for 110% of the list price based on 385 sales in December 2021.
• Inventory decreased -49% from November and is down -51% from December 2020 with 183 homes available, compared to 377 homes last year.
• Average days on market (DOM) increased by 6 days from November going from 17 days to 23 days or 35%; median DOM was 11 days, up 2 days from the month before.
• Number of new listings for the month of December decreased -54% over November and is down -32% from December of last year.
• Closed sales decreased -21% from November from 487 to 385, and was down -12% from December 2020.
Sales Prices
San Mateo County Single Family Home Prices in December 2021 versus December 2020
$1,800,000
Median Sales Price +10%
$2,632,246
Average Sales Price +31%
Key Indicators
San Mateo County Single Family Home Prices in December 2021 versus December 2020
183
Inventory -51%
385
Closed Sales -12%
8
Days on Market -11%
Key
155
New Listings -32%
110%
List/Sale Price 8% 0%
Santa Clara County
In Santa Clara County, the median Single Family home cost $1,692,000 and sold in 8 days for 111% of the list price based on 807 sales in December 2021.
• Inventory was down -46% from November, and down -66% from December 2020 with 231 homes available, compared to 676 homes last year.
• Average days on market (DOM) gained 1 day from November going from 15 to 16 days or 7%; median DOM remained unchanged at 8 days.
• Number of new listings for the month of December decreased -37% over November and was down -38% from December of last year.
• Closed sales decreased by -20% from November from 1013 to 807 and is down -14% from December 2020.
Sales Prices
Santa Clara County Single Family Home Prices in December 2021 versus December 2020
$1,692,000
Median Sales Price +25%
$2,093,772
Average Sales Price +24%
Key Indicators
Santa Clara County Single Family Home Prices in December 2021 versus December 2020
231
Inventory -66%
807
Closed Sales -12%
8
Days on Market -11%
Key
407
New Listings -38%
111%
List/Sales Price +11%
NEW LISTINGS
See latest properties to hit the San Mateo & Santa Clara real estate markets.