MLSListings August 2013 Market Data Report
9/9/2013 9:35:21 PM
9/9/2013 9:35:21 PM
MLSListings Market Indicators Report: August 2013
(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)
August Real Estate & Housing Update: Ups & Downs Signal A Reversal of Fortune in the Silicon Valley Housing Market
We have seen a reverse cycle in the Silicon Valley since January.
Multiple offers on properties aren’t as common as they were only a few
months ago. While inventory in single family homes has stabilized over
the summer months we have seen a moderate incline in median home prices.
This may be a factor of moving out of the prime selling season, and the
rise in interest rates, however inventory remains pretty thin in all
the counties, so this could also be affecting the strength of sales. The
high point of the summer housing market really was in
condos/townhouses.
Quite the opposite has been detailed in the condo/townhouse market
since January 2013. Sales in August were very strong, up 59% from
January 2013, and inventory is also increasing. This may, once again, be
the “new entry market” now that the single family prices are beyond the
entry level buyer. Data for month-over-month comparisons can be found
on www.mlslistings.com
Please click the image above to view a larger version.
August single family sales are starting to show some weakness
compared to August of last year and also to July of this year. Compared
to July, August sales dropped 10% in San Mateo County, 6% in Monterey
County, and 4% in San Benito, Santa Clara and Santa Cruz Counties.
Compared to last year, sales are down 1% in San Mateo County, down 3% in
both Santa Clara and Santa Cruz Counties, down 4% in San Benito
Counties and down 15% in Monterey County. Overall, sales in all counties
were positive to the year prior, but dropped to negative levels from
July 2013 to August 2013.
Please click the image above to view a larger version.
Note:
MLSListings data is tabulated from the 3rd of the month to the 3rd of
the following month, primarily to account for late corrections and
additions by agents; these updates are often not included in most market
reports. MLSListings’ Market Data report reflects the most current
information on the day the reports are generated.
