May Market Summary
Inventory at Historic Lows, Median DOM at Single Digits
The real estate market in the five MLSListings counties continued to flourish in April. Closed sales in Santa Clara County were the highest in any month going back to May 2012, while San Mateo County saw more closed sales than any prior April going back to 2012. San Benito County’s sold count was the most for any April since 2012, Santa Cruz County closed sales were the highest for April since 2010, and Monterey County closed sales were up by 71% compared to April 2020. Total dollars transacted for single-family homes again reached new levels in all counties. For the first time, Santa Clara County exceeded $2 billion dollars in one month for single-family home sales – a 38% increase over March. Sales volume grew 49% in Santa Cruz, 28% in San Mateo, 17% in San Benito, and 1% in Monterey. Meanwhile, the median sale price for single-family homes hit new all-time highs in three counties (Santa Clara, San Mateo, and Santa Cruz) in April.
In another indicator of the sizzling market, every county reported median days on market (DOM) in single digits, meaning that half of the homes that came off the market did so in 9 days or less. Home inventory stayed at historic lows, as inventory in all counties was down compared to April 2020. Notably, Santa Clara County inventory is in the low 900’s, when normally it would be in the 1,100 – 1,500 range. Finally, a bright spot for the market is that new listings are up in all five counties – both on a month-over-month and year-over-year basis.
San Mateo County
In San Mateo County, the median Single Family home cost $2,001.000 and sold in 8 days for 110% of the list price based on 462 sales in April 2021.
• Inventory increased 13% from March, but is down -17% from April 2020 with 424 homes available, compared to 510 homes last year.
• Average days on market (DOM) remained the same as March at 17 days or -0%; median DOM also stayed the same as the month before – 8 days.
• Number of new listings for the month of April increased 10% over March, and is up 78% from April of last year.
• Closed sales increased 26% from March from 366 to 462, and was up 136% from April 2020.
San Mateo County Single Family Home Prices in April 2021 versus April 2020
Median Sales Price +22%
Average Sales Price +23%
San Mateo County Single Family Home Prices in March 2021 versus March 2020
Closed Sales +29%
Days on Market -20%
New Listings +78%
List/Sale Price 6% 0%
Santa Clara County
In Santa Clara County, the median Single Family home cost $1,650,000 and sold in 7 days for 110% of the list price based on 1252 sales in April 2021.
• Inventory was up 18% from March, but down -16% from April 2020 with 933 homes available, compared to 1114 homes last year.
• Average days on market (DOM) decreased -4 days from 16 to 12 or -25%; median DOM remained the same as March at 7 days.
• Number of new listings for the month of April increased 16% over March, and was up 106% from April of last year.
• Closed sales increased 35% from March from 924 to 1252 and up 121% compared to April 2020.
Santa Clara County Single Family Home Prices in April 2021 versus April 2020
Median Sales Price +19%
Average Sales Price +22%
Santa Clara County Single Family Home Prices in March 2021 versus March 2020
Closed Sales +121%
Days on Market -13%
New Listings +106%
List/Sales Price +7%