Housing Demand Remains Strong in August

Continuing a pattern that’s persisted over the last few months, the local real estate market stayed robust during August. Once again, median prices were up in all five MLSListings counties compared to August 2019, ranging from a 2% year-over-year (YoY) gain in San Benito County to 31% growth in Monterey County. Further exemplifying the strong demand for housing, median days on market (DOM) dropped in every county versus last August, highlighted by Santa Clara County back to a single digit with median DOM at 9 days. Closed sales were higher year-over-year in all counties except Santa Cruz, although they were done from last month in all five counties.

Inventory remains tight in all counties, with 4 out of five counties showing double-digit YoY decreases. Santa Cruz’s inventory is 41% less than last year at this time, followed by Monterey at 29% less, Santa Clara’s inventory down by 26%, and San Benito with 22% fewer properties for sale. Only San Mateo county showed a gain in inventory, at 26% higher than a year ago. New Listings coming on the market only increased in Santa Clara and San Mateo counties compared to last year.

In San Mateo County, the median Single Family home cost $1,812,500 and sold in 12 days for 102% of the list price based on 388 sales in August 2020.

• Inventory was up 8% from July, and up 26% from August 2019 with 673 homes available, compared to 535 homes last year.

• Average days on market (DOM) dropped -2 days from 29 to 27 days or -7%; median DOM increased 1 day from the month before.

• Number of new listings for the month of August increased 10% over July and is up 46% from August of last year.

• Closed sales decreased -12% from July from 442 to 338, but was up 14% from August 2019

In Santa Clara County, the median Single Family home cost $1,400,000 and sold in 9 days for 102% of the list price based on 947 sales in August 2020.

• Inventory was unchanged from July, and down -26% from August 2019 with 1172 homes available, compared to 1594 homes last year.

• Average days on market (DOM) decreased -3 days from 29 to 26 or -10%; median DOM dropped -2 days from July.

• Number of new listings for the month of August decreased -2% over July, but up 19% from August of last year.

• Closed sales decreased -7% from July from 1022 to 947 and up 7% compared to August 2019.