- Median sales price lower than year ago for second time this year
- Pending sales fall lead by $1 million-plus homes
- Price per square back below $1,000 but still very high
- Inventory – down on low end, up in high end
After having one of its best months ever in May, the Mountain View real estate market paused a bit in June but remained very strong. All price indicators slipped in June, including the median sales price, price per square foot and the sales price to list price ratio. While fewer sales went into contract in June than in May, June still had the second most pending sales this year. Overall inventory was virtually flat; however, there were fewer homes priced under $1 million and more priced over $1 million.
The median sales price in June was $1,325,000, 3.6% or $50,000 lower than May’s $1,375,000. June’s median price was also 6% ($91,250) lower than June 2013’s $1,414,250. The average price per square foot fell 10% from $1,021 in May to $917 in June, a loss of $104. That was still $124 (16%) higher than a year ago, when the price per square foot was $793. June’s closed sales received 110% of their asking price, down from 115% in May and matching the ratio from a year earlier.
24 sales closed in June, six more than May’s 18 but seven less than a year ago. The average for the past 12 months was 22.
Pending sales fell 25%, from 32 in May to 24 in June. 31 sales went pending in June 2013. One less home was actively listed at the end of June (12) than at the end of May (13). That compares to 15 one year ago. Inventory relative to pending sales increased slightly, from 0.4 months at the end of May to 0.5 months at the end of June.
Homes continued to not be listed for long here. June’s closed sales were on the market for an average of only 12 days, down from 16 in May and 13 a year ago. The average for the past year was 23 days.
Analysis by Price Range
Only one home priced below $1 million was actively listed at the end of June, down from five at the end of May and at the end of June 2013 as well. Pending sales in this segment surged from four in May to 10 in June, the most since August of last year. 14 sales went pending in this price range a year ago. That left only a few days of inventory at the end of June, compared to 1.25 months at the end of May. 42% of Mountain View’s pending sales during June and 8% of its inventory at the end of the month were priced under $1 million.
Five homes priced from $1 million to $1,499,999 were on the market at the end of June, one less than at the end of May. Eight sales went pending during June, a more normal number than the 16 that went pending in May. Inventory relative to pending sales increased form 0.4 months at the end of May to 0.6 months at the end of June. This price range accounted for a third of Mountain View’s inventory and 42% of its pending sales.
The inventory of homes priced at $1.5 million and up tripled in June to six. Pending sales, on the other hand were cut in half, from 12 during May to six in June. That increased relative inventory to 1.0 month from 0.2 months at the end of May. Mountain View had half its inventory and a quarter of its pending sales in this segment.