- Closed sales doubled but…
- Pending sales fell a little
- Median sales price below the level of a year ago but…
- Other price indicators moved higher
It was a mixed bag as far as the number of sales of single family detached homes in Mountain View went in April. Closed sales more than doubled but pending sales fell a bit. Price indicators were also mixed. The bad news was that the median sales price was below the level of a year earlier for the first time since August 2012. The good news is that the sales price to list price ratio was at its highest level in over three years and the price per square foot moved higher.
April’s median sales price was $1,325,000, 19% ($300,000) lower than March’s $1,625,000. February’s and March’s median sales price were abnormally high, so no alarm that April was lower. However, April’s median sales price was 1% ($17,000) below the price from April 2013. April’s closed sales were for 115% of the asking price, on average, compared to 110% in for both March 2014 and April 2013. The price per square foot in April was $837, 3% ($22) higher than March’s $815 and 5% ($43) higher than April 2013’s $794.
29 sales closed in April, the most since October. 17 more sales closed in April than in March (12) and 10 more than a year ago (19).
19 sales went pending in April, two less than in March, as well as a year ago. Inventory doubled from nine at the end of March to 18 at the end of April. That compares to 15 homes actively listed a year earlier. Inventory relative to pending sales more than doubled, from 0.4 months at the end of march to 0.9 months at the end of April.
April’s closed sales were on the market for an average of 11 days, up from 10 days in March. A year ago, hones were listed for an average of 10 days as well.
Analysis by Price Range
Only one home priced below $1 million was actively listed at the end of April, down from three at the end of March and eight a year ago. Seven sales went into contract during April in this segment during April, one less than in March. Inventory relative to pending sales fell from about 11 days at the end of March to four days at the end of April. This segment accounted for 37% of the sales that went pending in Mountain View during April but only 6% of inventory.
72% of Mountain View’s inventory at the end of April and 26% of the sales that went pending during the month were priced from $1 million to $1,499,999. Inventory more than tripled, from four at the end of March to 13 at the end of April. Five sales went pending in this price range during April, unchanged from March. Inventory relative to pending sales jumped from 0.8 months at the end of March to 2.6 months at the end of April.
Seven sales of homes priced at $1.5 million or more went pending during April, one less than in March. April’s sales in this segment were 37% of Mountain View’s total. Inventory in this segment increased from two at the end of March to four at the end of April, representing 22% of Mountain View’s total inventory. Relative to pending sales, inventory more than doubled, from one week at the end of March to more than two weeks at the end of April.