With each passing day, it seems as though homes are selling faster and faster in Silicon Valley. In fact, closing time has nearly been cut in half from January to April in Santa Clara and San Mateo counties, marking a record-breaking month for Silicon Valley real estate.
MLSListings recently released its data for San Mateo, Santa Clara, Santa Cruz, San Benito and Monterey counties for the month of April for condo and town home sales. This sector of the real estate market has been booming as of late and records are being broken across the region.
In Santa Clara and San Mateo counties, the days on market fell to a mere 14 days in April, compared with 26 days in January. While prices did fall slightly in Santa Clara by 2 percent, San Mateo saw a boost of 25 percent for the median home price.
Days on market fell most significantly in Monterey County, dropping 49 percent to 37 days. San Benito County followed fairly closely behind with a 41 percent drop to 36 days.
Home prices increased most significantly in both San Mateo and Santa Cruz counties, which both saw increases of 25 percent. San Mateo surpassed Santa Clara as having the highest median price annually over April 2015.
Single family market slowing in Silicon Valley
In April 2016, fewer homes closed in four of the five counties. Monterey County saw a 5 percent increase in home sales and a 24 percent increase in total dollars spent in April this year compared with 2015.
The pace of home sales in all five counties are still increasing over last year. Days on market dipped 42 percent in Santa Cruz County to 29 days. There are fewer listings available and home prices are just moderately increasing here. Buyers are getting almost exactly what they are listing for, which hasn’t changed at all since last year. Inventory fell in Santa Cruz, which was the only county that saw an annual inventory fall.
