The Silicon Valley housing market continues to outpace much of the nation. March housing market numbers show a substantial rise in inventory and in closed sales of single-family homes in both Santa Clara and San Mateo counties. Though gains have slowed, the median price for single-family homes in both counties continue to rise, as well.
The latest market data report from MLSListings Inc. indicates inventory of single-family homes took big jumps in March in Santa Clara and San Mateo counties, rising 54 percent and 45 percent, respectively, when compared year-over-year. Month-over-month inventory for both counties also rose 18 percent in Santa Clara County and 52 percent in San Mateo County.
Both year-over year and month-over-month closed sales in March rose in all five counties served by the multiple listing service provider, namely San Mateo, Santa Clara, Santa Cruz, San Benito and Monterey counties. New listings for both Santa Clara and San Mateo counties rose 45 percent from their February numbers.
"The March data is a strong indicator that we are bound to have a busy spring and summer, with strong competition for homes from buyers wanting to live here," said Chris Isaacson, president of the Silicon Valley Association of REALTORS®. "Sellers are waking up to the fact that if they want to sell their home, now is the time to do so."
When compared to February's market data, March sales of single-family homes in Santa Clara County rose 69 percent, while closed sales in San Mateo County jumped 83 percent. Year-over-year closed sales were up 12 percent in Santa Clara County and rose 4 percent in San Mateo County.
In Santa Clara County, the March median price of a single-family home was $939,000, down 1 percent from the February median of $950,000. In San Mateo County, the March median of $1,290,000 rose 4 percent from February's median of $1,240,000. The year-over-year median was up 9 percent in both counties from March 2014.
Santa Clara County's March 2015 median is 108.7 percent higher than the March 2009 median of $450,000, the lowest median, when looking back at MLSListings data since March 2003. San Mateo County's March 2015 median is 123.6 percent higher than the March 2009 median of $576,940.
"Silicon Valley has made quite a comeback since the downturn. Competition for homes is stiff and we predict it will continue to be this way as companies continue to produce and employment in the Valley continues to grow," said Isaacson. "That our very limited housing supply cannot support the growth in the number of employees is a grave concern."
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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