- Inventory low but climbing slowly
- Upper price range sales jump
- Median sales price up slightly from February
- Days on market remains very low
Inventory remained very low but has managed to increase a little each of the past three months. The low inventory continues to dampen sales but homes priced over $1.5 million had more sales than any months since October.
The median sales price increased 1% in March, from $1,603,000 in February to $1,625,000. That was, however, 39% ($458.000) higher than a year ago, when the median sales price was $1,167,000. The average price per square foot fell 6.5% in March to $815, $57 lower than February’s $872. On average, sales closed for 110% of the asking price in March, down from 113% in February and 111% a year ago.
After picking up in February, closed sales dipped again in March. 12 sales closed in March, down from 17 in February and 21 a year earlier.
The number of sales that went into contract jumped 75% in March to 21, up from 12 in February. March also had four more than a year ago. Nine homes were actively listed at the end of March, three more than at the end of February but four less than at the end of March 2013. As can be seen in the chart below, inventory has risen slightly each of the past three months but remains very low. Inventory relative to pending sales fell from 0.5 months at the end of February to 0.4 months at the end of March.
The number of days homes were on the market fell in March to 12 from 17 in February and 21 a year ago. That’s no surprise, given the low inventory and strong demand.
Analysis by Price Range
Sales and inventory of homes priced under $1 million continued to climb in March. Three homes were actively listed in this segment at the end of March, one more than at the end of February. Eight sales went into contract during March, two more than during February. Inventory relative to pending sales increased a little, from 0.3 months at the end of February to 0.4 months at the end of March. This segment accounted for a third of Mountain View’s inventory and 38% of pending sales.
Four sales of homes priced from $1 million to $1.499 million went into contract in March, which was the most since August of last year. Inventory increased by one home to five at the end of March. 0.8 months of inventory were available at the end of March. This price range accounted for 44% of Mountain View’s inventory at the end of March and 28% of the sales that went pending during the month.
Homes priced at $1.5 million-plus had eight sales go into contract during March, four times February’s two and the most since October. Inventory was cut in half to only two homes at the end of March. That dropped inventory relative to pending sales to one week at the end of March, from 2.0 months at the end of February. 22% of Mountain View’s inventory at the end of March and 38% of the sales that went pending during the month were in this segment.