- Pending sales nearly double
- Inventory increases for second straight month
- Prices strong
- Homes on market only 10 days
The Mountain View real estate market remained red hot in February. Pending sales nearly doubled, eating up most of the new inventory that came on the market during the month. Homes sold for 112% of their list price, on average, and remained on the market for an average of only 10 days. Homes priced over $1.5 million accounted for the bulk in inventory and sales gains.
February’s median sales price was $1,505,000, an increase of 8% ($111,000) from $1,394,000 in January. However, February’s median sales price was 6% lower than a year ago. The price per square foot was $947 in February, up a little from $935 in January and $872 a year ago. The sales price to list price ratio was 112% in February, down from a very high 115% in January. The average for the past twelve months was about 112%.
Closed sales rebounded somewhat from January’s six year low. 15 sales closed in February, compared to six in January and 17 a year ago.
20 sales went pending in February, nearly double January’s 11 and eight more than February 2014’s 12. The market was able to increase inventory by four homes in February, ending with a total of 14. That’s well ahead of the six units on the market a year ago. Inventory relative to pending sales slipped form 0.9 months at the end of January to 0.7 months at the end of February.
Homes were on the market an average of 10 days in February, down one day from 11 in January. One year ago, homes were listed for an average of 17 days.
Analysis by Price Range
The market for homes priced under $1 million had only two pending sales during February and ended the month with only one property actively listed. Both numbers matched those form January. One year ago, however, six sales went to contract in this segment. 10% of Mountain View’s pending sales and 7% of its inventory was priced under $ 1million. A two week supply was on the market at the end of February.
The $1 million to $1,499,999 accounted for half of the city’s pending sales and half its inventory. Ten sales went pending during February, up two from January. Three homes were actively listed at the end of February, down one from January. That left only a 0.3 month supply at the end of February, compared to a 0.5 month supply at the end of January.
Homes priced at $1.5 million or more saw the biggest gains in both inventory and sales in February. Inventory doubled from five at the end of January to 10 at the end of February. That was 71% of all inventory here. Eight sales went to contract during February, up from one in January. Those eight sales were 40% of Mountain View’s total pending sales. Inventory relative to pending sales fell from 5.0 months at the end of January to 1.25 months at the end of February.