- Market still hot
- Homes selling for 110% of list
- Pending sales fall led by homes under $1 million
- Inventory increases a little – paced by high-end properties
The Mountain View real estate market may have softened a little from where it was a few months ago, but make no mistake, it remains quite hot. The median sales price and average price per square foot were higher than a year earlier. And while properties were selling for 115% of their list price in April and May, they were still getting about 110% in June and July. Pending sales fell by 20% but that was from a month when homes priced under $1 million had the most sales in a year.
July’s median sales price was $1,145,051, which was $89,551 or 7% higher than June’s $1,335,500 and 15% higher than July 2013’s $1,252,500. The average price per square foot fell from $937 in June to $898 in July, a 4% decline. A year ago, the average price per square foot was $818. Homes sold for 109.5% of their list price in July, unchanged from June but below the 112% from a year ago.
24 sales closed in July, two less than in June and four less than a year ago.
19 sales went pending in July, down five or 21% from 24 in June and six less than a year ago. Inventory increased by three units to 15 at the end of July, which was one less than in July 2013. 0.8 months of inventory relative to pending sales were on the market at the end of July, compared to about two weeks at the end of June and 0.6 months a year ago.
Homes were listed for an average of 16 days in July, up from 12 days in June but lower than the 28 days they were on the market in July 2013.
Analysis by Price Range
Three sales of homes priced under $1 million went to contract in July, down from 10 in June. That was the fewest pending sales in this segment in at least two years. One year ago, eight sales went pending. Three properties were actively listed at the end of July, up from one at the end of June but half the six that were on the market a year ago. One month of inventory was available at the end of July, compared to only a few days at the end of June. 20% of Mountain View’s inventory and 16% of its pending sales were of homes priced under $1 million.
Homes in the $1 million to $1,499,999 price range accounted for 20% of Mountain View’s inventory at the end of July and 47% of the sales that went pending during the month. Three homes were available at the end of July, down from five at the end of June. Nine sales went pending during July, one more than in June. 0.3 months of inventory were on the market at the end of July, down from 0.6 months at the end of June.
Nine homes priced over at $1.5 million or more were actively listed at the end of July, the most in this segment in over two years. Six homes were on the market in this segment at the end of June and two a year ago. Seven homes went to contact in July, one more than in June. Inventory relative to pending sales increased form one month at the end of June to 1.3 months at the end of July. This segment made up 60% of Mountain View’s inventory and 37% of its pending sales.