Real Estate & Housing Update from MLSListings | Silicon Valley December 2013 inventory takes a big hit, median home prices still climbing

Lack of inventory remains a major factor for real estate sales in the Bay Area. Single family home inventory in San Mateo, Santa Clara and Santa Cruz Counties took a large hit in December. San Mateo and Santa Clara counties posted the lowest inventory numbers since January 2008 with 387 and 922 listings respectively. Monterey County inventory with 717 listings is the lowest since December 2000. And, Santa Cruz County has 394 active listings – the lowest since December 2004.

Median prices for single family homes in the Bay Area are starting to feel some pressure. While median price is up in the two-digit range across all Counties from 2012 at this time, Santa Cruz and Santa Clara Counties were down8% and 3% respectively from November 2013. Both Monterey and San Mateo Counties were up 11% compared to November 2013, and San Benito County was up 10%.

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