Robust 2021 Local Real Estate Market Rolls On  

The 2021 real estate market in the five MLSListings counties maintained their positive momentum in February, as most market indicators again increased versus a year ago. As was the case in January, closed sales improved over the same month last year in every county; Santa Clara County (up 24%) saw its best February since 2012, and San Mateo County (up 11%) saw more closed sales than any prior February going back to 2013. In Monterey County, sales were up by 19% compared to 2020, Santa Cruz showed a 30% improvement, and San Benito grew 26% increase. All counties reported an increase in median sale price over February 2020, ranging from a 12% gain in Santa Clara County to a 23% boost in San Mateo County. The number of closed sales and price increases resulted in a leap in sales volume for each of the counties. For the second month in a row, sales volume for single-family homes in Santa Clara County topped $1 billion dollars, a 43% increase over the prior year. The sales volume increases were even greater in Santa Cruz and Monterey counties, where sales volume grew by 58% and 57%, respectively. Finally, days on market (DOM) were busy in February, with half the homes coming off the market in 16 days or less in all counties. However, the median time a listing spent on the market in Santa Clara County was half of that, as February median DOM dropped into single-digit territory at 8 days.

In San Mateo County, the median Single Family home cost $1,905,000 and sold in 9 days for 105% of the list price based on 246 sales in February 2021. 

• Inventory increased 7% from January, and is up 6% from February 2020 with 426 homes available, compared to 402 homes last year. 

• Average days on market (DOM) decreased by -5 days from 34 to 29 or -15%; median DOM decreased -5 days from the month before. 

• Number of new listings for the month of February increased 10% over January, and is up 5% from February of last year. 

• Closed sales increased 1% from January from 243 to 246, and was up 11% from February 2020. 

In Santa Clara County, the median Single Family home cost $1,486,250 and sold in 8 days for 106% of the list price based on 604 sales in February 2021. 

• Inventory was up 13% from January, and up 15% from February 2020 with 917 homes available, compared to 795 homes last year. 

• Average days on market (DOM) increased 3 days from 24 to 27 or 13%; median DOM dropped -1 day from the month before. 

• Number of new listings for the month of February increased 23% over January, and was up 12% from February of last year. 

• Closed sales dipped -3% from January from 621 to 604 and up 24% compared to February 2020.