Snapshot and 30-day Trend: July 2017
Silicon Valley inventory, which dropped 24% during May, managed a 6% increase in June. Even with that increase, supply was still at about two-thirds the level of a year ago. Demand, on the other hand, remained very robust. Closed sales increased 16% during May, and while the median sales price dipped from May, it was 15% higher than at this time last year. Multiple offers, which were uncommon during much of 2015, are once again the norm.
Only Mountain View saw inventory fall in June, dropping by four to only nine properties. Saratoga’s inventory was flat from May, while every other city we track had increases. Sunnyvale led the way, adding nine properties for a 38% jump. With sales rising faster than supply, inventory relative to sales fell from about 1.3 months at the end of May to 1.1 months at the end of June. A year ago, there was a 1.9 month supply on the market. Sunnyvale and Mountain View had less than two weeks of inventory, while on the other end of the scale, Los alto Hills (the only city with more than a two month supply) had 3.3 months.
The median sales price in the region fell about 2.1% in June but was about 15% higher than a year ago. Menlo Park, Mountain View and Saratoga were the only cities with increases from May. Palo Alto was the only city that had a decline in the median from last year (1.4%).
Homes continued to sell for well above their list price. Mountain View and Sunnyvale, again led the way at 113% and 111%, respectively. Palo Alto was the only city below 100%, at 98%.
Homes in the Beach Communities took longer to sell in June than in May. The average sale in June took 27 days, compared to 18 days in May. Los Altos (16 days), Mountain View (11 days) and Sunnyvale (14 days) were the only cities below 20 days. Los Alto Hills’ properties remained on the market the longest at 63 days.
While real estate in each of the communities of Aptos, Santa Cruz and Capitola had its own characteristics, inventory fell in all three (9% from May and 33% from June of 2016). Prices fell a little from May but remained slightly higher than they were a year ago. Sales were also down in all three by 22% from May.
The median sales price was down about 3.5%, with Capitola having the biggest drop (16%) followed by Aptos (7%). Santa Cruz prices were virtually flat from May. The median price in Aptos was also 3% lower than a year ago, while the other cities posted 6% increases.
Both inventory and sales declined in all three cities. Inventory fell 13% from May in Capitola, 9% in Santa Cruz and 8%in Aptos. Sales fell about 20% in each city.
Santa Cruz was the only city with a decline in the time homes were on the market (27 days in June vs 34 in May). Homes in Aptos and Capitola were listed for an average of 43 and 45 days, respectively.