Local Real Estate Market Continues to Surge

Neither cooler temperatures nor an ongoing pandemic could tamp down the red-hot real estate market in the five MLSListings counties during October. Closed sales improved in all counties over the same month last year, clearly demonstrating how the market continues to thrive. In fact, a year-to-date comparison of closed sales shows that by the end of October, total sales in 2020 lagged 2019 by only 4%. It is entirely likely the difference will further diminish in the next two months, with a real possibility that the 2020 closed sales total could exceed that of 2019. Median sale price again grew across the board compared to October 2019, ranging from 5% in San Benito County to 34% in Monterey County. Median Days on Market (DOM) once again dropped in all counties, from 8% in San Mateo County at the low end to 72% in Santa Cruz County at the high end. Low inventory continued to be a factor in all five counties, with only San Mateo showing a slight (4%) improvement over the already-low inventory from October 2019. Meanwhile, inventory was down in other counties year-over-year, from 11% in San Benito to 34% in Santa Cruz. Finally, new listings once again increased in all counties compared to October 2019.

In San Mateo County, the median Single Family home cost $1,684,944 and sold in 11 days for 103% of the list price based on 498 sales in October 2020.

• Inventory dropped -3% from September, but is up 4% from October 2019 with 686 homes available, compared to 660 homes last year.

• Average days on market (DOM) decreased by -5 days from 27 to 22 or -19%; median DOM decreased -1 day from the month before.

• Number of new listings for the month of October dipped -2% over September, but is up 33% from October of last year.

• Closed sales increased 15% from September from 434 to 498, and was up 28% from October 2019.

In Santa Clara County, the median Single Family home cost $1,450,000 and sold in 9 days for 103% of the list price based on 1072 sales in October 2020.

• Inventory was down -2% from September, and down -19% from October 2019 with 1178 homes available, compared to 1461 homes last year.

• Average days on market (DOM) decreased -2 days from 24 to 22 or -8%; median DOM was unchanged from September.

• Number of new listings for the month of October increased 2% over September, and was up 44% from October of last year.

• Closed sales increased 8% from September from 991 to 1072 and up 31% compared to October 2019.