October 2021 Market Data Reports
Inventory & New Listings Down, Prices Up in October
As we near the end of 2021, we’re seeing drops in inventory and new listings from both a month-over-month and year-over-year (YoY) perspective.
4 of 5 MLSListings counties saw YoY inventory drops, ranging from 19% to 40%; San Benito County gained 12%.
Median sale prices increased YoY in all counties, from a modest 2% in Monterey County to a 21% YoY gain in San Benito County.
Half of the homes in San Benito, Santa Clara and San Mateo counties spent nine or less days on market (DOM), indicating continued strong demand; median DOM was 11 days in Monterey County and 12 days in Santa Cruz County.
The YoY comparison of percent of list price paid in October showed that premiums paid were up in every single county, ranging from 100% of listing price paid in Monterey to 109% paid in San Mateo and Santa Clara counties, another indicator of buyer demand.
Finally, the number of closed sales dropped in all counties except for San Benito, which saw a 14% gain versus last year. Monterey saw a 21% drop in YoY sales, both San Mateo and Santa Cruz counties reported a 10% decrease and Santa Clara County fell 2%.
For a more in-depth look at the real estate landscape in the five MLSListings counties, download the October 2021 Market Data Reports:
- Single-Family Homes Market Overview
- Condo/Townhouse Market Overview
- Market Snapshot (Year-Over-Year and Month-to-Month)