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May 2020 Market Summary

Christina Hood

Christina Sanchez Hood is passionate about Real Estate, her clients and most of all, her family.  As a wife, a dog mom of two, life is alway...

Christina Sanchez Hood is passionate about Real Estate, her clients and most of all, her family.  As a wife, a dog mom of two, life is alway...

May 14 3 minutes read

Median Prices Hold Steady, But SIP Showing Its Impact

Despite the shelter-in-place (SIP) order in mid-March, median prices held up in April, even gaining compared to last April. Premiums (i.e., the amount paid above/below the list price) also closely mirrored last year, in San Mateo County at 104% and Santa Clara County at 103% on average. However, the SIP showed its effects dramatically in closed sales, which were off by up to 50% from 2019, with San Mateo County down (50%) and Santa Clara County at (36%).  Moreover, new listings were off, ranging from (39%) in San Mateo County and (46%) in Santa Clara County. This will impact total inventory in what are typically the busiest months of the year.


San Mateo County


In San Mateo County, the median Single Family home cost $1,640,000 and sold in 9 days for 104% of the list price based on 195 sales in April 2020.

  • Inventory was up 19% from March, and down -6% from April 2019 with 501 homes available, compared to 534 homes last year.
  • Average days on market (DOM) remained the same as March at 21 days; median DOM dropped -1 day from the month before.
  • The number of new listings for the month of April decreased -18% over March and was down -39% from April of last year.
  • Closed sales dropped -31% from March from 281 to 195, and was down -50% from April 2019.

Sales Prices

San Mateo County Single Family Home Prices in April 2020 versus April 2019

$1,640,000

Median Sales Price +2%

$2,017,117

Average Sales Price -4%

Key Indicators

San Mateo County Single Family Home Prices in April 2020 versus April 2019

507

Inventory -5%

195

Closed Sales -50%

9

Days on Market -25%

Key

307

New Listings -39%

104%

List/Sale Price -1%


Santa Clara County


In Santa Clara County, the median Single Family home cost $1,390,000 and sold in 8 days for 103% of the list price based on 564 sales in April 2020.

  • Inventory was up 20% from March, but down -31% from April 2019 with 1056 homes available, compared to 1524 homes last year.
  • Average days on market (DOM) dropped -4 days from 22 to 18 or -18%; median DOM remained the same as the month before.
  • The number of new listings for the month of April decreased -18% over March, and down -46% from April of last year.
  • Closed sales decreased -12% from March from 638 to 564 and down -37% from April 2019.

Sales Prices

Santa Clara County Single Family Home Prices in April 2020 versus April 2019

$1,389,444

Median Sales Price +5%

$1,614,150

Average Sales Price -2%

Key Indicators

Santa Clara County Single Family Home Prices in April 2020 versus April 2019

1,059

Inventory -31%

566

Closed Sales -36%

8

Days on Market -33%

Key

733

New Listings -46%

103%

List/Sales Price +1%

NEW LISTINGS

See latest properties to hit the San Mateo & Santa Clara real estate markets.

NEW LISTINGS

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