San Benito, Monterey, Santa Cruz, Santa Clara, and San Mateo Counties all increased in inventory from the end of 2014 through the first month of January in 2015. The average sales price in San Benito decreased 10% but Santa Cruz had the highest percentage decrease of 18%. San Mateo and Santa Clara average price increased 6-7% even with residential inventory increasing 13%. Buyers are still demanding on living in those counties and will gladly pay the price increase. The average home stays on the market for a little more than a month before putting a JUST SOLD sign in the yard. If a home is on the market in San Jose, then it will most likely sell FAST. Great news for sellers, especially if you have a 50 year old home with no upgrades. No worries, an investor or International buyer will gladly take it off your hands.
What can you expect with the real estate market in South County and Hollister? It surely follows the leader….Silicon Valley. New construction are popping up in almost all vacant lots. Permits have greatly increased across the board in 2013 compared to the earlier years. Now buyers can expect to have a brand new home at a fraction of the Bay Area cost.
In general, don’t wait to buy a home. The Bay Area housing is holding strong, unlike the rest of the United States. Buyers will pay for the wonderful weather and easy access to work. Local MLS stats show that things are looking good for real estate. Where do you fall?
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Data supplied is for MLSListings Inc five reported counties: Monterey, San Benito, San Mateo, Santa Clara and Santa Cruz. MLSListings data is tabulated the third of every month to the third of the following month; primarily to account for late corrections and additions by agents. These updates are often not included in most market reports. The Market Indicators Report reflects the most current information on the date the report is generated. A complete report for numbers indicated in summary can be found at mlslistings.com in the Media Center. Further media inquiry: please contact email@example.com.