May 2021 Market Data Reports
Median Sale Prices Continue to Soar, Inventory Still Low
Median single-family home sale prices maintained their upward trajectory in May, gaining in all five MLSListings counties. Prices were up 2% in Santa Clara County, 4% in both San Mateo and Santa Cruz counties, 7% in Monterey County and 13% in San Benito County to new all-time highs. Meanwhile, closed sales were slightly off of April’s highs across the five counties.
Despite the minor decline in closed sales, the rise in home prices meant that total dollars transacted in May were up 3% compared to last month in Monterey, San Benito and San Mateo counties; sales volume dropped by 5% in Santa Clara County and 7% in Santa Cruz County.
Home inventory, while still critically low, actually ended May in a better position than April in all counties except San Mateo, where inventory was off another 8% from the previous month. The market slowed down a bit in Monterey and San Benito counties, where median days on market (DOM) added 1 day over April. Santa Clara and San Mateo counties stayed at record low DOM from April and Santa Cruz County added 2 days to median DOM, going from 8 days in April to 10 days in May. Finally, the number of new listings entered in May decreased in San Mateo (-8%) and Santa Clara (-1%) but grew in the other three counties on a month-over-month basis.
For a more in-depth look at the real estate landscape in the five MLSListings counties, download the May 2021 Market Data Reports:
- Single-Family Homes Market Overview
- Condo/Townhouse Market Overview
- Market Snapshot (Year-Over-Year and Month-to-Month)