Bay Area Real Estate and Housing Update

Posted on June 11, 2015 by TheGaetanoGroup

(Monterey, San Benito, San Mateo, Santa Clara, and Santa Cruz Counties)

Silicon Valley Median Home Prices Continue Climbing…but at a Slower Pace

Same trend along the California Pacific Coast

Median home prices rose in most Silicon Valley counties from May 2014 to May of this year. But the month-to-month median prices tell a slightly different story. Only Monterey County showed a significant median price gain from April to May of this year. Other counties saw modest gains or a decline in median price.

Median prices are up in San Mateo and Santa Clara Counties 5% and 3% respectively month-over-month, with San Benito and Santa Cruz Counties down 4% and 9% respectively over the same time period. Monterey County showed the only significant change median price from April with a 17% jump. Closed sales were down 12% in Monterey County, 10% in San Mateo County, and down 2% in San Benito County, when comparing May 2015 to last year. Sales increased 12% in Santa Cruz County and just2% in Santa Clara County over the same time period. Month-over-month numbers for the same data point also show softening for closed sales in May. Compared to last month, sales dropped 2% in Monterey County, 6% in both San Benito and Santa Clara Counties, and 8% in San Mateo County. Sales showed a modest gain of 5% in Santa Cruz County.

The below chart for total dollars spent compared to closed sales shows the gap between the two data points down from April and coming closer in May.

Click for a larger image.