- Market still hot
- Homes selling for 109% of list
- Median sales price increases
- Pending sales increase26%, led by homes priced over $1.5 million
While many of the surrounding communities were seeing their real estate markets cool over the past couple of months, that has not been the case in Mountain View. The median sales price and the average price per square foot increased in August and homes, on average, continue to sell well above their asking price. Closed sales fell but pending sales increased and inventory dropped. A year ago, the low end dominated activity here but that has turned around this year, with homes priced over $1.5 million providing the largest share of the market activity.
The median sales price in August was $1,522,000, a 5% ($76,949) increase from $1,445,051 in July. It was also 16% or $210,000 higher than August 2013’s $1,312,000. The average price per square foot increased $11, from $898 in July to $9090 in August. That was 19% or $146 higher than a year ago ($763). On average, homes sold for 108.8% of their list price in August, down a little from 109.5% in July and 112% a year ago.
Five fewer sales closed in August (19) than in July (24), a 21% decline. There were also 10 fewer closed sales than a year ago.
Pending sales increased 26, from 19 in July to 24 in August. That compares to 25 Pending sales during August 2013. Inventory fell by four units, form 15 at the end of July to 11 at the end of August. A year ago, 19 homes were actively listed. Inventory relative to pending sales fell from 0.8 months at the end of Jly to 0.5 months at the end of August.
The number of days that homes were for sale increased again in August, from 16 days in July to 18 in August. One year ago, homes were available for an average of nine days.
Analysis by Price Range
Two homes priced under $1 million were actively listed at the end of August, one less than at the end of July. 18% of Mountain View’s inventory was in this segment at the end of August, compared with 37% a year ago. Three sales went pending during August, unchanged from July, accounting for 13% of the city’s total. 13% of Mountain View’s sales were in this segment during August, compared to 40% a year ago. 0.7 months of inventory was available at the end of August, down from 1.0 month at the end of July.
The $1 million to $1,499,999 price range saw pending sales cut from nine during July to five during August. That was 21% of Mountain View’s total, which was less than half the 44% share a year ago. Two homes were actively listed at the end of August, one less than at the end of July. That was 18% of total sales in August, compared to 26% a year ago. Inventory relative to pending sales increased from 0.3 months at the end of July to 0.4 months at the end of August.
Homes priced over $1.5 million have led this market recently. In August, 67% of Mountain View’s pending sales were in this segment, compared with only 16% a year ago. 64% of the city’s inventory was in this segment versus 37% in August 2013. Pending sales more than doubled from seven in July to 16 in August. That was the most in this price range in at least a few years. Inventory slipped two units in August, from nine in July to seven. 0.4 months of inventory was on the market at the end of August, down from 1.3 months at the end of August.