Inventory and new listings for homes in the Bay Area fell sharply in April.
New listings for single-family homes in Santa Clara County plunged 22 percent to 1,266 in April 2012 compared to April 2011, according to MLS Listings’ new market indicators report. Inventory was also down — sinking 39 percent to 2,552 compared to April 2011.
Meanwhile, Santa Clara County’s median price jumped 9 percent to $639,500 in April 2012 compared with $585,000 in April 2011 in a textbook supply-and-demand response to the low inventory and anemic new listing levels.
Things don’t look much better in San Mateo County. There, new listings for single-family homes slid 17 percent to 585 in April 2012 compared to the year prior. Inventory also declined by 35 percent, to 1,159 homes.
The median price there climbed 3 percent to $745,000 in April compared to $725,000 last year with the number of sales increasing by more than 20 percent for each of the last three months after January.
For both counties, inventory has dropped every month since June 2011.
Prospects for potential townhouse/condo buyers look even more grim.
New listings for condos/townhouses in Santa Clara County slid 31 percent to 412 in April 2012 compared to April 2011 while inventory sank by 46 percent to 955.
Meanwhile, in San Mateo County, new listings for condos/townhouses was down 18 percent to 129 while inventory too declined by 38 percent to 350.
Mary Ann Azevedo covers real estate for the Business Journal.