September 2020 Market Data Reports
Is Fall the New Spring in Local Real Estate?
Strong buyer demand, shrinking inventory, and record-low mortgage rates continued to fuel the real estate market in the five MLSListings counties during September.
Median sales prices again grew by double-digits in all counties compared to September 2019 (+14% in both Santa Clara and San Benito, +21% in San Mateo, +31% in Monterey and +34% in Santa Cruz).
Median days on market (DOM) once again dropped across the board year-over-year (YoY), ranging from -21% in San Mateo County to -63% in Monterey County. Similarly, closed sales were higher YoY in all counties, from a 27% improvement in Santa Cruz County to +59% in Monterey County.
Low inventory continued to be a factor, with only San Mateo County showing a slight (1%) improvement over the already low inventory from September 2019. Inventory was down in all other counties YoY, from 27% in Santa Clara to 44% in Santa Cruz.
Finally, in an indication that the normal real estate sales curve for the year is out of whack due to the pandemic, new listings entered for September were up in 4 out of 5 counties compared to last year. Only Santa Cruz saw a 5% decrease in new listings compared to 2019. Other counties grew by 7% (San Mateo), 10% (San Benito), 15% (Monterey) and 27% (Santa Clara).
For a more in-depth look at the real estate landscape in the five MLSListings counties, download the September Market Data Reports:
- Single Family Homes Market Overview
- Condo/Townhouse Market Overview
- Market Snapshot (Year-Over-Year and Month-to-Month)