The Mountain View real estate market has been up and down a bit the past few months but a few trends seem clear. Prices have softened from earlier in the year and homes are staying on the market longer. That being said, demand remains strong. The average sale here was still well over the list price in August, just not as far over as it has been all year. Buyers, while still abundant, are more selective and willing to wait for the home and value they are looking for.
Median Sales Price
The median sales price fell for the third straight month and was below the level of a year ago. August’s median was $1,663,000, which was $27,000 lower than July’s and $124,500 lower than August 2015’s. Sales closed in August for 104% of the asking price, on average, down from 105% in July and 110% a year ago. For comparison, the average for the first six months of this year was 110%. The price per square foot was unchanged from July at $1,059, just slightly down from a year ago.
Five more sales closed in August (22) than in July (17). August also had two more closed sales than a year ago.
For Sale vs. Pending
Inventory has been up and down all year and August was no exception. 44 properties were actively listed at the end of August, six fewer than at the end of July. 41 homes were on the market a year ago. Pending sales have also been unable to find one direction and increased by four units in August after falling nine in July. 22 sales went pending in August, compared to 18 in July and 25 in August 2015. Inventory relative to pending sales fell from 2.8 months at the end of July to 2.0 months at the end of August. There was also a two month supply a year ago.
Days to Sell
Days on the market has increased each of the past two months, from 10 days in June to 16 in July and 25 in August. Homes were listed for an average of 15 days in August 2015.
Analysis by Price Range
Under $1.25 million
Three homes priced under $1.25 million were on the market at the end of August, one more than at the end of July. That was only 7% of all actively listed homes here. One sales went to contract in August, two less than in July. That one sale was less than 5% of total sales. There was a three month supply in this segment at the end of August.
$1.25 million to $2 million
The $1.25 million to $1,999,999 price range dominates the market here, accounting for 55% of inventory and 68% of sales. 15 sales went pending in August, up from five in July. 24 homes were on the market at the end of August, down from 31 at the end of July. Supply was cut from 3.1 months at the end of July to 1.6 months at the end of August.
$2 million or over
The inventory of homes priced at or above $2 million has been unchanged at 17 for three months, making up 39% of Mountain View’s supply. Pending sales have been creeping up in this segment the past few months and rose by one unit to six in August. 27% of all pending sales were in this segment. Inventory relative to sales stood at 2.8 months at the end of August, compared to 3.4 months at the end of July.
Check out these other Real Estate Market Conditions Reports for August 2016: