Demand for real estate in Mountain View remained very high in June. Although pending sales declined a little, the sales that closed during the month did so very quickly and at well over the list price (on average). There is a sense, however, that the market is moving more toward being one for buyers, rather than the seller’s market we have had the past few years. Buyers are being more selective and cautious about making offers and there are more contingent offers, something we haven’t seen much of for a while. In addition, the price per square foot was lower than a year ago for the first time in nearly four years.
Median Sales Price
On average, sales closed in June for 109.3% of their list price, little changed from 109.5% in May. That was still almost 6.5 percentage points below where we were a year ago. The median sales price fell in June, from $1,973,000 in May to $1.7 million, a 14% decline. June’s median price was also 9% or $170,000 below June 2015’s $1,870,000. After going for twelve months with an average year-over-year price increase of 20%, we have now have had two months with the median price being lower than it was a year earlier. The price per square foot also fell, from $1,208 in May to $1,114 in June. That was also lower than June 2015’s $1,149, the first time since August 2012 that the price per square foot was lower than a year earlier.
Closed sales increased from 22 in May to 27 in June but were still below the 30 sales that closed in June 2015.
For Sale vs. Pended
There was little change in inventory in June. 43 homes were actively listed at the end of the month, one less than at the end of May. Six more homes were available than a year ago. Pending sales decreased by three units to 22 during June, which was seven less than in June 2015. Inventory relative to pending sales increased from 1.76 months at the end of May to 1.95 months at the end of June. That compares to 1.3 months a year earlier.
Days to Sell
Days on the market remains very low here. The average sale in June closed in 10 days, down from 13 in May and 12 a year ago.
Analysis by Price Range
Under $1.25 million
Only three homes priced under $1.25 million were available for sale at the end of June, while only two went pending. Both numbers were unchanged from May. Supply was unchanged at 1.5 months. This segment accounted for 7% of inventory and 9% of pending sales.
$1.25 million to $1,999,999
70% of Mountain View’s inventory and 73% of pending sales were homes priced from $1.25 million to $1,999,999. 30 homes were actively listed in this price range at the end of June, one less than at the end of May. 16 sales went to contract during June, two less than in May. That left a 1.9 month supply at the end of June, up from 1.7 months at the end of May.
$2 million or over
There was also little change in the $2 million-plus segment. Ten properties were actively listed at the end of June, unchanged from May. Those ten homes were 23% of total inventory. Pending sales fell from five in May to four in June, accounting for 18% of all sales in Mountain View. A 2.5 month supply was on the market at the end of June, up from 2.0 months at the end of May.
Check out these other Real Estate Market Conditions Reports for June 2016: