- Sales continue rise
- Inventory continues to fall
- Less than two week supply
- Prices continue to increase
- Highest median sales price ever
The song remained the same in Mountain View in April; that is the real estate market just kept getting hotter and tighter. Sales continued to climb and inventory continued to fall. That ongoing dynamic has been driving prices up, best reflected in the median sales price, which was the highest it has ever been here.
March’s median sales price was $1,835,000, which was 20% ($310,000) higher than March’s $1,525,000 and 39% ($510,000) higher than April 2014’s $1,325,000. The price per square foot also increased again in April, from $968 in March to $1,056 in April, a 9% improvement. With sales prices more than 114% of the asking price, it is a great time to be selling a home in Mountain View.
23 sales closed in April, one more than in March but six less than a year ago. With pending sales increasing, closed sales should go up in the coming month or two (at least).
Pending sales increased for the third consecutive month in April. 37 sales went to contract, up 76% from 21 in March and 28% higher than April 2014’s 29. Inventory, on the other hand, fell for the second straight month, from 26 at the end of March to 15 at the end of April. One year ago, 30 homes were actively listed. Inventory relative tp sales fell from 1.2 months at the end of March to 0.4 months at the end of April.
In spite of all the above pressure, homes were listed longer in April than in any month in a year. Aprils sales were on the market an average of 24 days, up from 15 in March.
Analysis by Price Range
One home priced under $1 million was actively listed at the end of April, representing 7% of Mountain View’s total inventory. That compares to three at the end of March and nine a year ago. Four sales went to contract in this segment, double March’s total. 11% of the city’s sales were homes priced under $1 million. One week of inventory was available in this segment at the end of April.
Homes for sales in the $1 million to $1,499,999 price range fell for the third straight month, from six at the end of March to two at the end of April. Three more sales went pending in April (10) than in March (7). That cut supply from 0.9 months at the end of March to less than a week at the end of April. This price range accounted for 13% of Mountain View’s inventory and 27% of pending sales.
23 sales of homes priced at or above $1.5 million went to contract in April, nearly double March’s 12. Inventory was cut by five units, from 17 at the end of March to 12 at the end of April. That meant there was about a two week supply at the end of April. 80% of Mountain View’s inventory and 62% of pending sales were priced at $1.5 million or more.