Upon reviewing the year-over-year numbers for median price and total dollars sold in the counties of Monterey, San Benito, San Mateo, Santa Clara and Santa Cruz, the real estate market in Silicon Valley appears quite stable. MLSListings Inc. reports year-over-year median prices for single-family homes were up across all of the five reported counties in the month of November. However, month-to-month gains have slowed somewhat and dipped in some counties.
San Mateo County saw the highest median price gain of $1,100,000 in November, up 18 percent, followed by San Benito County, with a median of $431,000, with a 14 percent gain, and Monterey's median of $467,500, up 11 percent.
The median price for a single-family home in Santa Clara County was $852,500 in November 2014, up 7 percent from the November 2013 median of $795,000. For Santa Cruz County, the November median of $685,250 was up 4 percent from the November 2013 median of $659,500.
According to MLSListings Inc., total dollars sold for single-family homes are also up. San Mateo County also leads the way with a whopping 30 percent increase in total dollars sold when comparing November 2014 with November 2013. Monterey is up 10 percent, and Santa Cruz showed a 2 percent increase. San Benito saw a modest decrease of 6 percent year-over-year, and Santa Clara was down a small 1 percent.
The number of closed sales has closely followed the total dollars of homes sold in all reported counties. Compared to November last year, total sales dollars are up, but there is a slight decrease in closed sales. "Fewer homes are on the market, which means fewer homes sold, but because of the stiff competition for homes, price gains continue. There are still multiple offers in pockets of the state, particularly in Silicon Valley, because of the employment growth in the region," said David Tonna, president of the Silicon Valley Association of REALTORS®.
The demand for homes is pulling up condo prices, too. Year-over-year median price gains have ranged from a 32 percent in San Benito County; 22 percent, San Mateo County; 17 percent, Santa Clara County; 3 percent, Monterey County; and 2 percent, Santa Cruz County.
Month-over-month median prices for condos increased in all reported counties, except Santa Cruz, which showed a 9 percent drop in the median, from $465,000 in October to $422,000 in November. Monterey County experienced the highest gain, up 44 percent, from $286,500 in October to $412,500 in November 2014, followed by San Benito County, a 24 percent gain from $265,750 to $330,000 last month. Gains in the median price of condos/townhomes were slower, at 1 percent in San Mateo County, from $635,000 to $632,594, and at 2 percent in Santa Clara County, from the October median of $555,000 to $566,000 in November.
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.
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