Median prices continue to climb for homes in Silicon Valley. MLSListings Inc., which serves a 5-county area, reports along with home prices, sales and inventory were up in March, as well. Compared to March of last year, the gains in median home prices have been substantial, ranging from 11 percent in Palo Alto to nearly 36 percent in Atherton.
According to MLSListings, the year-over-year gain in median price of a single-family home in Santa Clara County was 17 percent in March 2014, increasing from $735,000 in March 2013 to $862,500 last month. The days a "for sale" home stayed on the market dropped from 31 days at this time last year to 28 days this year.
Among the other four counties the MLS serves, Monterey County topped the median price gain at 51 percent, followed by San Mateo County, 28 percent; San Benito County, 20 percent; and Santa Cruz County, 9 percent. Month-over-month home sales are up in all five counties, as well.
The local picture shows significant year-over-year gains in median price in a number of Silicon Valley neighborhoods, including Menlo Park (19.9 percent), Palo Alto (11.3 percent), Atherton (35.8 percent), and Portola Valley (30.9 percent).
MLSListings reports median home prices have made much headway over the past three years in the 5-county region. From 2012, the median price has jumped 79 percent in San Benito County, 74 percent in Monterey County, 71 percent in San Mateo County, 50 percent in Santa Clara County and 32 percent in Santa Cruz County.
"Thanks to a strong economy, we are continuing to see ongoing momentum in Silicon Valley's housing market. Buyers are not deterred by the rising home prices because they still see value buying a home in this region," said David Tonna, president of the Silicon Valley Association of REALTORS®.
Tonna said inventory is slowly making a comeback. "We're happy to see an increase in the local supply of homes. Sellers are no longer sitting on the fence," said Tonna.
According to the MLS data, March inventory of single-family homes in Santa Clara County was up 14 percent from February, and 2 percent below inventory in March of last year. Inventory in the condo/townhome market is up 7 percent from February and up 14 percent from March 2013.
In San Mateo County, March inventory of single-family homes was up 12 percent from the prior month and 8 percent lower than March last year. Inventory of condos/townhomes was down 4 percent from February and up 1 percent from March 2013.
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 email or call the SILVAR office at (408) 200-0100.