- Market stays very hot
- Highest median sales price ever – 3rd straight month
- Highest price per square foot ever – 3rd straight month
- Homes selling for 116% of list – on average
- Properties stay on market less than two weeks
With demand extremely high and inventory low, prices have to rise and that is exactly what has been happening all year in Mountain View. The median sales price was at an all-time high for the third straight month and the average sale was for 116% of the list price. Homes do not stay on the market long and were listed for an average of only 12 days in June.
June’s median sales price was $1,870,000, a $10,000 increase from May and $514,000 increase (38%) from a year ago. The price per square foot keeps rising as well and it also set a new record in June at $1,149, up $49 from May and $212 from a year ago. The average sales price has been more than 111% of the average list price for the past nine months wand was just 115.7% in June, off just a little from May’s 116.4%. This ratio was 110% a year ago.
30 Sales closed in June, three more than in May and four more than in June 2014.
21 properties were actively listed at the end of June, down from 40 at the end of May and 16 less than a year earlier. Pending sales increased from 27 in May to 42 in June. Inventory relative to pending sales was cut from 1.5 months at the end of May to about two weeks at the end of June.
Homes were on the market for an average of 12 days in June, three more days than in May but three less days than in June 2014.
Analysis by Price Range
Three homes priced at or below $1 million were available for sale at the end of June, two more than at the end of May. June’s three properties were 14% of Mountain View’s total inventory. Two sales went pending in June, unchanged from May. Those two sales were 5% of the total pending sales in June. A 1.5 month supply was on the market in this segment at the end of June, up from about two weeks at the end of May.
The $1 million to $1,499,999 price range accounted for about a third of both sales and inventory in June. Eight properties were actively listed at the end of June, down from 12 at the end of May. 14 sales went pending in June, up from five in May, cutting inventory to 0.6 months at the end of June, from 2.6 months at the end of May.
Only ten homes priced at or above $1.5 million were on the market at the end of June, compared to 27 at the end of May. 26 sales went to contract in June, up from 20 in May. Inventory r was cut from 1.4 months at the end of May to 0.4 months at the end of June. This segment made up 48% of inventory and 62% of pending sales.