November 2020 Market Data Reports
No Fall Cool Off - Local Real Estate Market Stays Hot
Driven by high demand coupled with low inventory and continued low interest rates, the real estate market in the five MLSListings counties maintained its blistering pace during November.
Closed sales improved in all counties over the same month last year; in fact, November activity in San Benito and Santa Clara counties was at its highest in 11 years. In Monterey and San Mateo counties, the last time November had this much activity was in 2012, and Santa Cruz had its best November since 2017.
Median sale price once again grew across the board compared to November 2019, ranging from 3% in San Mateo County to 25% in Monterey County. The median time a listing spent on the market (i.e., days on market, or DOM) stayed at 12 days or less in all five counties, as DOM once again decreased everywhere, from 8% in San Mateo County at the low end to 76% in San Benito County at the high end.
Low inventory continued to be a factor in all five counties, with only San Mateo showing a 19% improvement over the already-low inventory versus November 2019. Meanwhile, inventory was down in other counties year-over-year, from 10% in Santa Clara to 32% in Santa Cruz. Finally, new listings were up in all counties except for San Benito compared to November 2019.
For a more in-depth look at the real estate landscape in the five MLSListings counties, download the November 2020 Market Data Reports:
- Single Family Homes Market Overview
- Condo/Townhouse Market Overview
- Market Snapshot (Year-Over-Year and Month-to-Month)