June Market Report

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

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Median Sale Prices Continue to Soar, Inventory Still Low  

Median single-family home sale prices maintained their upward trajectory in May, gaining in all five MLSListings counties. Prices were up 2% in Santa Clara County, 4% in both San Mateo and Santa Cruz counties, 7% in Monterey County and 13% in San Benito County to new all-time highs. Meanwhile, closed sales were slightly off of April’s highs across the five counties. Despite the minor decline in closed sales, the rise in home prices meant that total dollars transacted in May were up 3% compared to last month in Monterey, San Benito and San Mateo counties; sales volume dropped by 5% in Santa Clara County and 7% in Santa Cruz County. 

Home inventory, while still critically low, actually ended May in a better position than April in all counties except San Mateo, where inventory was off another 8% from the previous month. The market slowed down a bit in Monterey and San Benito counties, where median days on market (DOM) added 1 day over April. Santa Clara and San Mateo counties stayed at record low DOM from April and Santa Cruz County added 2 days to median DOM, going from 8 days in April to 10 days in May. Finally, the number of new listings entered in May decreased in San Mateo (- 8%) and Santa Clara (-1) but grew in the other three counties on a month-over-month basis. 

Median Sale Prices Continue to Soar, Inventory Still Low  

Median single-family home sale prices maintained their upward trajectory in May, gaining in all five MLSListings counties. Prices were up 2% in Santa Clara County, 4% in both San Mateo and Santa Cruz counties, 7% in Monterey County and 13% in San Benito County to new all-time highs. Meanwhile, closed sales were slightly off of April’s highs across the five counties. Despite the minor decline in closed sales, the rise in home prices meant that total dollars transacted in May were up 3% compared to last month in Monterey, San Benito and San Mateo counties; sales volume dropped by 5% in Santa Clara County and 7% in Santa Cruz County. 

Home inventory, while still critically low, actually ended May in a better position than April in all counties except San Mateo, where inventory was off another 8% from the previous month. The market slowed down a bit in Monterey and San Benito counties, where median days on market (DOM) added 1 day over April. Santa Clara and San Mateo counties stayed at record low DOM from April and Santa Cruz County added 2 days to median DOM, going from 8 days in April to 10 days in May. Finally, the number of new listings entered in May decreased in San Mateo (- 8%) and Santa Clara (-1) but grew in the other three counties on a month-over-month basis. 

In San Mateo County, the median Single Family home cost $2,075,001 and sold in 8 days for 109% of the list price based on 453 sales in May 2021. 

• Inventory decreased -8% from April, and is down -37% from May 2020 with 367 homes available, compared to 579 homes last year. 

• Average days on market (DOM) moved up 1 day from April going from 17 days to 18 days or 6%; median DOM stayed the same as the month before: 8 days. 

• Number of new listings for the month of May decreased -8% over April, but is up 15% from May of last year. 

• Closed sales decreased -3% from April from 465 to 453, and was up 94% from May 2020. 

In Santa Clara County, the median Single Family home cost $1,675,000 and sold in 7 days for 110% of the list price based on 1151 sales in May 2021. 

• Inventory was up 9% from April, but down -29% from May 2020 with 945 homes available, compared to 1337 homes last year. 

• Average days on market (DOM) remained the same as last month at 16 days; median DOM also remained the same as April at 7 days. 

• Number of new listings for the month of May decreased -1% over April, but was up 35% from May of last year. 

• Closed sales dipped -9% from April from 1263 to 1151 and up 131% compared to May 2020.