- Market cooling?
- Prices fall after three months of record highs
- Still selling for 115% of list price
- Homes on market longer than any time in over a year
- Inventory still low
After setting record high median sales prices and price per square foot each of the past three months, the market stepped back in July. All price indicators fell; the first time that has happened since June 2014. It’s not like the market crashed, however. Homes still sold for nearly 115% of their list price in July, on average. It took a bit longer to sell them too, with the average being 30 days, the longest since January 2014.
The median sales price fell 16% of $300,000 in July, from $1,870,000 in June to $1,570,000. That was still nearly 9% higher than a year ago. The price per square foot fell 5% ($57) to $1,092 in July, which was 22% ($194) higher than July 2014’s $898. July’s ales closed for 114.8% of the list price, down from 105.7% in June and 109.5% a year earlier.
Closed sales fell from 30 in June to 25 in July, on pare with July 2014’s 24.
Inventory fell from 34 at the end of June to 16 at the end of July. Pending sales increased from 30 in June to 38 in July. A 0.4 month supply was available at the end of July, down from 1.1 month at the end of June and 1.6 months a year ago.
June’s sales were listed longer than for any month since January 2014. The average length of time homes were listed in July was 30 days, compared to 12 days in June and 24 days a year ago.
Analysis by Price Range
I want to make note of the fact that late in each of the past several months, pending sales and inventory numbers have been restated (pending sales downward and inventory upward) the following month. That being said, the inventory of homes priced under $1 million fell from five at the end of June to two at the end of July. Pending sales increased from one in June to five in July. This segment made up 13% of both inventory and pending sales.
In the $1 million to $1,499,999 price range, inventory fell from 14 homes at the end of June to three at the end of July. 16 sales went to contract in July up from eight in June. 19% of Mountain View’s inventory and 42% of its pending sales were in this price range.
Eleven homes priced at or above $1.5 million were actively listed at the end of July, four less than at the end of June. Those 11 properties were 68% of Mountain View’s total inventory. 17 sales went to contract in July, down from 21 in June. July’s sales were 45% of the city’s total.