Median Prices Up, Inventory Down in June

Buyers looking for a pandemic bargain might be disappointed as median prices rose in all five MLSListings counties compared to a year ago. Closed sales were up across the board when compared to May 2020, but still down compared to June 2019 in 4 out of 5 counties; only Santa Cruz rose (by 16%) versus last year. In Santa Clara and San Mateo counties, homes are on the market for fewer days compared to last June, but median days on market were longer in other counties. The average percent of list price received fell in Santa Clara and San Mateo counties compared to last June, with homes commanding 101% of the list price on average (versus a 105% premium in San Mateo County and a 102% premium Santa Clara County last year).

Meanwhile, housing supply remains at very low levels, as inventory was less than June 2019 across all five counties. Likewise, new listings coming onto the market were down in 3 out of 5 counties (Santa Clara, Santa Cruz, and San Benito); Monterey was flat compared to last year and San Mateo saw a 15% increase in new listings over the prior year.

In San Mateo County, the median Single Family home cost $1,735,000 and sold in 11 days for 101% of the list price based on 347 sales in June 2020.

• Inventory was up 4% from May, but down -2% from June 2019 with 612 homes available, compared to 625 homes last year.
• Average days on market (DOM) moved up 6 days from 26 to 32 days or 23%; median DOM dropped 1 day from the month before.
• The number of new listings for the month of June increased 20% over May and was up 15% from June of last year.
• Closed sales increased 49% from May from 233 to 347, but was down -12% from June 2019.

In Santa Clara County, the median Single Family home cost $1,381,000 and sold in 11 days for 101% of the list price based on 855 sales in June 2020.

• Inventory was down -7% from May, and down -33% from June 2019 with 1221 homes available, compared to 1814 homes last year.
• Average days on market (DOM) increased 1 day from 23 to 24 or 4%; median DOM remained the same as the prior month.
• The number of new listings for the month of June increased 2% over May, but down -5% from June of last year.
• Closed sales increased 72% from May from 498 to 855 but down -3% compared to June 2019.