Despite the shelter-in-place (SIP) order in mid-March, median prices held up in April, even gaining compared to last April in 4 of the 5 MLSListings counties:
Santa Clara
San Mateo
Santa Cruz
San Benito
Monterey
Santa Cruz County showed a 4% decrease in median price. Premiums (i.e., the amount paid above/below the list price) also closely mirrored last year, with San Mateo at 104%, Santa Clara at 103%, Santa Cruz and San Benito both at 99%, and Monterey at 98% on average.
However, the SIP showed its effects dramatically in closed sales, which were off by up to 50% from 2019, with San Mateo down (50%), San Benito at (49%), Monterey at (44%), Santa Clara at (36%), and Santa Cruz County dipping (33%).
Moreover, new listings were off, ranging from (39%) in San Mateo and Santa Cruz counties to (57%) in Monterey 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.
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.
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.
In Santa Cruz County, the median Single Family home cost $949,000 and sold in 9 days for 99% of the list price based on 95 sales in April 2020.
Inventory was up 10% from March, and down -23% from April 2019 with 346 homes available, compared to 448 homes last year.
Average days on market (DOM) dipped -19 days from 48 to 29 or -40%; median DOM dropped -2 days from the month before.
Number of new listings for the month of April decreased -19% over March, and decreased -39% from April of last year.
Closed sales lost -8% from March from 103 to 95 homes sold. This was down -33% from April 2019
County listing data and analysis is courtesy of Aculist, an MLSListings in-house startup that provides business analytics
solutions for real estate professionals. To learn more, visit Aculist.com.