While much of the surrounding area has steady moved toward a more balanced market, Sunnyvale has been a bit more stubborn. The trend is definitely toward normalization but this market is stronger than most. It is true that buyers are more cautious and willing to take their time and, with more inventory than we had a year ago, they have more options. Even so, multiple offers are still a way of life here. Although, a quality, well-priced home may receive two to four offers, instead of the six-plus they might have gotten just a few months ago.
We can see both the strength of demand, as well as the trend toward more balance in the ratio of the sales price to list price. July’s sales closed for 107% of the average list price, which is right around where it has been for the past few months. However, the ratio was 111% as recently as February and 115% a year ago. This ratio has fallen faster in most nearby cities than it has here and I believe we will see it fall further in Sunnyvale. The market is very healthy and there are great opportunities here for both buyers and sellers.
Median Sales Price
July’s median sales price fell 10% from June but was 8% higher than a year ago. The median price in June was $1.51 million. The price per square foot also fell, from $938 in June to $909 in July. That was $20 more than in July 2015.
54 sales closed in July, one more than in June but nine less than a year ago.
For Sale vs. Pending
Inventory increased by 14 units from June to 112 at the end of July. 95 sales closed in July 2015. Pending sales did not change much, increasing by one to 54 in July, which was seven less than a year ago. A 2.0 month supply relative to pending sales was on the market at the end of July, up from 1.8 months at the end of June and 1.7 months at the end of July 2015.
Days to Sell
July broke a three month period where homes sold in an average of 12 days. July’s average was 17 days. That was two less days than a year ago.
Analysis by Price Range
Under $1 million
Homes priced under $1 million made up 20% of Sunnyvale’s inventory and 22% of pending sales. 22 homes were actively listed at the end of July, up three from 19 at the end of June. 12 sales went pending during July, two more than in June. Inventory stood at 1.8 months at the end of July, just off June’s 1.9 months.
$1 million to $1.49 million
60 homes priced from $1 million to $1,499,999 were for sale at the end of July, nineteen more than at the end of June. Pending sales also jumped in this price range, from 14 in June to 22 in July. A 2.7 month supply was available at the end of July, down from 2.9 months at the end of June. This segment accounted for 54% of inventory and 40% of pending sales.
$1.5 million or over
Both the inventory and sales of homes price from $1.5 million and up fell in July. Inventory lost eight units, to end July with 30. Pending sales fell from 30 in June to 21 in July. 27% of Sunnyvale’s inventory and 38% of its pending sales were in this category. Supply was little changed at 1.4 months.
Check out these other Real Estate Market Conditions Reports for July 2016: