July Market Report

The Bright Homes Real Estate Team shares insights into the real estate market. Learn what...

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No June Swoon – Closed Sales Hit 2021 Highs  

Just as summer temperatures heat up, the real estate market in the five MLSListings counties continues to sizzle. June closed sales were the highest this year across all counties, and half the homes on the market were sold in 8 or 9 days, with median days on market (DOM) in Monterey and Santa Cruz counties at 9 days, and the other three counties at 8 days. The number of new listings entered in June were up everywhere except Santa Cruz County, which saw a 20% decrease in new listings compared to May. 

Median sale prices eased off their May highs in three of the five counties, rising in only San Mateo (up 7%) and Santa Clara (up 5%). Santa Cruz County saw a 10% month-over-month decrease, and Monterey (-4%) and San Benito (-2%) counties followed suit. While still critically low, home inventory actually ended June in a better position than May in all counties except Santa Cruz, where inventory was off 3% from the previous month. 

In San Mateo County, the median Single Family home cost $2,088,888 and sold in 8 days for 111% of the list price based on 555 sales in June 2021. 

• Inventory increased 9% from May and is down -28% from June 2020 with 572 homes available, compared to 789 homes last year. 

• Average days on market (DOM) dropped by -5 days from May going from 19 days to 14 days or -26%; median DOM stayed the same as the month before: 8 days. 

• Number of new listings for the month of June increased 10% over May and is up 6% from June of last year. 

• Closed sales increased 7% from May from 517 to 555, and was up 40% from June 2020. 

In Santa Clara County, the median Single Family home cost $1,742,500 and sold in 8 days for 110% of the list price based on 1330 sales in June 2021. 

• Inventory was up 8% from May, but down -20% from June 2020 with 1091 homes available, compared to 1363 homes last year. 

• Average days on market (DOM) dropped by -1 day from May going from 13 to 12 days or -8%; median DOM increased from 7 to 8 days. 

• Number of new listings for the month of June increased 4% over May but was up 35% from June of last year. 

• Closed sales increased by 7% from May from 1244 to 1330 and up 48% compared to June 2020.