Coastal Regions Single-Family Homes Market 2020

Prior to the March 16 shelter-in-place (SIP) order, the first half of March was looking quite promising in terms of sales and prices. In fact, 3 counties (Monterey, San Mateo and Santa Clara) ended March with higher median prices than a year ago despite the SIP. Also telling was that Median Days on Market, a key indicator of demand and the overall speed of the market, dropped by more than 20% in all counties, and Santa Clara returned to single digit Median DOM (8 days). Similarly, the price paid for homes showed an increased premium compared to a year ago in San Mateo, Santa Clara and Santa Cruz where the average % of list price paid is 106% in Santa Clara and San Mateo and 101% in Santa Cruz.