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CEO’s Message: 2018 — A Year of Surprises

Jim Harrison: MLSListings Inc CEO and President

Jim Harrison
President and CEO, MLSListings

Several California regions reported extended days on market and fewer multiple offers.

Is it a cooling off or a pause?

Our real estate data changes were not as dramatic as SoCal, and yet our market tremors received national attention. We saw headliner dips in closed sales alongside increasing available inventory, the likes of which we’ve not seen in the last five years. Bidding wars were reduced to bidding battles.

In June, indicators signaled a market in transition: Santa Clara market reports shifted from predictable low inventory to parallel climbs in average days on market to 16, while inventory increased by 14% in one year. September brought us dips in closed sales in every MLSListings county from San Mateo to Monterey while October saw spikes in volume, prices, transactions and premiums.

Other points of comparison:  2018 total sales volume exceeded 2017.  Annualized median prices have never been higher.  Single family home inventory is two times what it was last November in Santa Clara County.

Yet California real estate prices remain the highest in the U.S.  The world is watching: is California moving to a ‘new normal’ for days on market and percentage of listing price received?

Although no one has a crystal ball, one thing is clear: the role of the MLS in tracking and sharing market analytics is critical.

 

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