July 2021 Market Data Reports
Slight Cooling in Scorching Real Estate Market
While it is far too early to call it a trend, July did see a noticeable mid-year pause in the otherwise red-hot real estate market for the five MLSListings counties.
Home inventory grew in every county for the second month in a row, although inventories are still down across the board compared to a year ago. Median days on market (DOM) gained 2 days in San Benito County and a day in both San Mateo and Santa Cruz counties; DOM remained unchanged in Monterey and Santa Clara counties.
Moreover, every county saw a decline in the amount over list price that was paid on average, with the biggest drop occurring in Santa Cruz County (from 108% to 105%). The other four counties saw the premium decline by a single percentage point.
Median sale prices for single-family homes eased for a second month in a row in Monterey and San Benito counties, while Santa Clara and San Mateo counties saw the first decline in median sale price this year; Santa Cruz County median sale price gained 1% over June.
The net result of all these factors was that closed sales fell from June heights across all five counties. Sales were down 8% in Santa Clara, 9% in Monterey, 10% in San Mateo and 15% in San Benito and Santa Cruz counties.
For a more in-depth look at the real estate landscape in the five MLSListings counties, download the July 2021 Market Data Reports:
- Single-Family Homes Market Overview
- Condo/Townhouse Market Overview
- Market Snapshot (Year-Over-Year and Month-to-Month)