November 2021 Market Data Reports
Median Sale Prices and Premiums Rose in November
As 2021 draws to a close, we’re seeing year-over-year (YoY) increases in both median sale price and percent of list price received in November.
4 of 5 MLSListings counties saw YoY price gains, with San Mateo (+27%) leading the way, followed by San Benito (+24%), Santa Cruz (+22%) and Santa Clara (+21%); Monterey saw a modest -1% YoY price decrease.
In another indication of buyer demand, premiums (i.e., percent paid over asking price) were up in four out of five counties YoY, ranging from 101% of listing price paid in Monterey to 110% paid in San Mateo and Santa Clara counties.
Half of the homes in Santa Clara County spent 8 days or less days on the market, the same as last November. In San Mateo County, the median DOM was 9 days (which is 3 days less than last year, indicating continued strong demand). Median DOM was 12 days in Monterey, 11 days in San Benito, and 10 days in Santa Cruz County.
All counties except San Benito saw YoY inventory drops, ranging from 26% to 52%; San Benito County rose 16% in inventory compared to November 2020. Finally, the number of closed sale transactions dropped in all counties except for San Mateo, which saw a 7% gain versus last year. San Benito fell 9% in YoY sales, Monterey dropped 7%, and Santa Cruz decreased 2%; Santa Clara County came in with the exact same number of closed sales as November 2020.
For a more in-depth look at the real estate landscape in the five MLSListings counties, download the November 2021 Market Data Reports:
- Single-Family Homes Market Overview
- Condo/Townhouse Market Overview
- Market Snapshot (Year-Over-Year and Month-to-Month)