January 2022 Market Data Reports
2022 Begins with Inventory & Closed Sales Down, Median Sale Prices Up
The new year started the same way 2021 ended, with year-over-year (YoY) inventory declines in all five MLSListings counties, ranging from 7% in San Benito County to 52% in Santa Clara County; San Mateo reported a 45% decrease while both Santa Cruz and Monterey counties had 42% drops.
All five counties also saw YoY median sale price gains, with San Mateo (+25%) leading the way, followed by Santa Clara (+24%), San Benito (+22%), Santa Cruz (+12%) and Monterey (+3%).
In another indication of buyer demand, premiums (i.e., percent paid over asking price) were also up YoY in four of the five counties, ranging from 100% of listing price paid in San Benito (a decline from 101% last year) to 102% paid in Monterey, 104% in Santa Cruz, 110% in San Mateo and 113% paid in Santa Clara.
Half of the homes in Santa Clara County spent 7 days or less days on the market, a drop of one day from last month. The median DOM in San Mateo County was 10 days (3 days less than last year), indicating continued strong demand. The median DOM in Monterey was 10 days, 12 days in San Benito, and 14 days in Santa Cruz County.
Finally, the number of closed sale transactions dropped in all counties compared to last January. The decline in sales was most acute in Santa Cruz County with a 32% drop, followed by San Benito at 29%, Santa Clara at 24%, San Mateo at 18% and Monterey reporting an 8% decline.
For a more in-depth look at the real estate landscape in the five MLSListings counties, download the January 2022 Market Data Reports:
- Single-Family Homes Market Overview
- Condo/Townhouse Market Overview
- Market Snapshot (Year-Over-Year and Month-to-Month)