An Unusual Year in Real Estate Ends Atypically

Because 2020 was an extraordinary year, unsurprisingly the real estate market in the five MLSListings counties refused to behave normally at year-end. December typically is a slower month for new listings, but new homes listed last month were up in all counties compared to December 2019, ranging from a low of 62% in San Benito County to a high of 226% in Santa Cruz. Closed Sales improved year-over-year in every county except San Benito (- 6%); in contrast, San Mateo closed sales grew 35% versus December 2019, Santa Clara increased 29%, and Monterey and Santa Cruz showed 17% and 11% improvements, respectively. Once again, median sale price rose across the board compared to December 2019 – from 13% in Santa Clara to 28% in Monterey. San Benito showed a 22% increase, San Mateo 15% and Santa Cruz 20%. The median time a listing spent on the market (i.e., days on market, or DOM) stayed at 13 days or less in all five counties. In Santa Clara and San Benito counties, half the homes listed left the market in 9 days or less. Finally, the core Bay Area counties of Santa Clara and San Mateo exited 2020 with higher inventory than 2019, whereas Monterey, San Benito and Santa Cruz counties ended 2020 with lower inventory than December 2019.

In San Mateo County, the median Single Family home cost $1,700,000 and sold in 13 days for 102% of the list price based on 402 sales in December 2020. 

• Inventory dropped -41% from November, but is up 27% from December 2019 with 333 homes available, compared to 263 homes last year. 

• Average days on market (DOM) increased by 3 days from 27 to 30 or 11%; median DOM increased 1 day from the month before.

 • Number of new listings for the month of December dipped -35% over November, but is up 103% from December of last year.

 • Closed sales decreased -4% from November from 420 to 402, and was up 36% from December 2019. 

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 895 sales in December 2020.

 • Inventory was down -26% from November, but up 21% from December 2019 with 686 homes available, compared to 565 homes last year. 

• Average days on market (DOM) increased 2 days from 19 to 21 or 11%; median DOM rose by 1 day from November. 

• Number of new listings for the month of December decreased -10% over November, but was up 167% from December of last year. 

• Closed sales dipped -10% from November from 990 to 895 and up 29% compared to December 2019.