Uncategorized February 20, 2014

Inventory Rises Moderately in Silicon Valley While Sales Drop!

 

SINGLE FAMILY INVENTORY:

When we compare January’s inventory to December 2013, it actually increased in four of our five home counties. Single family inventory rose 20% in San

Mateo County, 16% in Santa Clara County, 11% in Monterey County, 4% in Santa Cruz County, and dropped just 4% in San Benito County.

January Inventory was down 15% in San Mateo County but that is well below the 30% to 40% levels in their market for some months in 2013. Santa Cruz inventory

followed down 11%, Monterey down 10%, and Santa Clara down by just 8% compared to the 14% – 50% range in 2013.

Chart showing change in real estate inventory Silicon ValleySINGLE FAMILY SALES:

4 of the 5 home counties showed fewer single family sales in January 2014 compared to the strong start in a year ago.

 

Monterey County 31%

San Benito 20%

Santa Clara 14%

San Mateo 3%

Santa Cruz County increased 16%

Sales were largely down from December 2013, but this is be expected since January is usually one of the slowest months of the year. Santa Clara sales were down

36%, San Mateo was down 26%, Monterey down 22%, Santa Cruz down 8%, and San Benito rose by 3%.

Change in Single Family Home Listing in Bay Area Counties