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Inventory showing signs of life as prices soar, according to local MLS

Wednesday, June 19, 2013

Sellers are waking up to the fact that it happens to be their market. The latest data from MLSListings Inc. indicates inventory is improving and home prices are continuing their upward trend in Silicon Valley.

According to the multiple listing service provider of the Silicon Valley Association of REALTORS®, compared to April 2013, the May inventory of single-family homes increased 16 percent in Santa Clara County. Inventory reflected modest increases in the counties of San Mateo, 5 percent; Monterey 8 percent; and Santa Cruz 4 percent.

The median price for Silicon Valley's single-family homes continued to make significant gains in all five counties in May, with the median in each county marking double-digit increases over the previous year. Monterey County's median at $410,000 led with a 37 percent increase, followed by the counties of San Benito, $355,000, up 29 percent; Santa Clara at $825,000, up 28 percent; Santa Cruz, $625,000, up 25 percent; and San Mateo, $957,000, up 23 percent. Month-over-month, the median price of single-family homes fell in San Benito and Santa Cruz counties, but rose modestly in Santa Clara County, where it was up by 4 percent; San Mateo County, up 5 percent; and Monterey County, up 8 percent.

Compared to last year, single-family home sales are down 17 percent in Monterey County, down 13 percent in San Benito County, and down 9 percent in Santa Clara County. This trend is atypical of seasonal trends, according to the MLSListings report. Sales were up 6 percent in Santa Cruz County and up just 4 percent in San Mateo County compared to May 2012. However countywide single-family home sales increased compared to April 2013 by 11 percent in Santa Clara, 18 percent in San Mateo, 59 percent in Santa Cruz and 6 percent in San Benito, but fell 8 percent in Monterey County.

"All in all this is good news. Sellers are finally realizing if they want to sell their home, the time is now. The market has heated up and prices are increasing above the peak of a few years ago in some areas," says Carolyn Miller, president of the Silicon Valley Association of REALTORS®. "Buyers know they can't go wrong buying a home in Silicon Valley."

The May California sales and price report from the California Association of REALTORS® also indicates strong sales growth in higher-priced markets and the continued housing supply shortage pushed up the state's median home price in May, reflecting the largest year-over-year price gain in at least the last 33 years. Data shows the Bay Area continues to lead the housing market recovery.

"It's encouraging to see median home prices across most parts of the state continuing to recover.  The Bay Area, in particular, has been experiencing strong price appreciation, thanks to the region's robust economic growth, extremely low housing inventory, and an increasing demand from international buyers," according to Don Faught, the state REALTOR® group president. Faught notes San Francisco County's median home price of $847,260 increased 28 percent from last May, just surpassing its previous record high reached in May 2007.

"It's a fast-moving market these days and whether buying or selling, I would strongly encourage consumers to seek the guidance of a REALTOR® because REALTORS® have the experience you need to guide them through the process," adds Miller.

Miller says a recent study by the California Association of REALTORS® indicates a typical REALTOR® has 11 years experience, while 80 percent of REALTORS® have been practicing for six years or more.


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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