Median Prices Hold Steady, But SIP Showing Its Impact

Despite the shelter-in-place (SIP) order in mid-March, median prices held up in April, even gaining compared to last April. Premiums (i.e., the amount paid above/below the list price) also closely mirrored last year, in San Mateo County at 104% and Santa Clara County at 103% on average. However, the SIP showed its effects dramatically in closed sales, which were off by up to 50% from 2019, with San Mateo County down (50%) and Santa Clara County at (36%).  Moreover, new listings were off, ranging from (39%) in San Mateo County and (46%) in Santa Clara County. This will impact total inventory in what are typically the busiest months of the year.

In San Mateo County, the median Single Family home cost $1,640,000 and sold in 9 days for 104% of the list price based on 195 sales in April 2020.

• Inventory was up 19% from March, and down -6% from April 2019 with 501 homes available, compared to 534 homes last year.
• Average days on market (DOM) remained the same as March at 21 days; median DOM dropped -1 day from the month before.
• The number of new listings for the month of April decreased -18% over March and was down -39% from April of last year.
• Closed sales dropped -31% from March from 281 to 195, and was down -50% from April 2019.

In Santa Clara County, the median Single Family home cost $1,390,000 and sold in 8 days for 103% of the list price based on 564 sales in April 2020.

• Inventory was up 20% from March, but down -31% from April 2019 with 1056 homes available, compared to 1524 homes last year.
• Average days on market (DOM) dropped -4 days from 22 to 18 or -18%; median DOM remained the same as the month before.
• The number of new listings for the month of April decreased -18% over March, and down -46% from April of last year.
• Closed sales decreased -12% from March from 638 to 564 and down -37% from April 2019.