The one clear trend in November was a drop in inventory. Every community saw inventory decline in November. Buyers were definitely on the lookout but were selective and demand was spotty, depending on location, condition and pricing.

There was less than a one month supply in Sunnyvale, Palo Alto, Mountain View, Menlo Park and Los Altos. Each of those cities saw a decline in the relative supply.

Pricing was spotty, just like demand but both Palo Alto and Sunnyvale had average sales prices that were 106% of the list price. Homes stayed on the market longer in every community except Los Gatos/Monte Sereno which saw a drop of nine days.

In the beach communities, the same trends were evident, with Capitola having less than a one month supply (only six homes actively listed). Sales were mixed, with Aptos having a 42% drop, while Capitola went from only one sale in October to six in November and Santa Clara sales jumped 17%.

Sales in Santa Clara and Capitola averaged more than 100% of the list price, while Aptos’ average sale was for 96% of list. Homes were generally on the market longer in November than October.