- Sales continue steep climb
- Inventory can’t keep up – lowest in a decade or more
- Two week supply
- Prices rise
The Mountain View real estate market just keeps getting hotter. Buyers were out in force in March again, driving pending sales up nearly 60% to their highest level since June 2013. Supply couldn’t maintain that pace and fell 45% to match the low for at least ten years, set in December. Prices reacted accordingly, moving higher. Inventory fell across market segment, while homes pricwed over $1,5 million accounted for nearly all the sales gains.
The median sales price in March was $1,525,000, which was $20,000 higher than February’s $1,505,000 but $100,000 lower than a year ago. The price per square foot rose for the third straight month to $968, a $21 increase from $947 in February. March was also 19% higher than March 2014’s $815. The sales price to list price ratio in March was 113.5%, up from 112.4% in February and 110% a year ago. That ratio has been 108% or higher for the past 15 months.
Closed sales increased in March, from 15 in February to 22. That was also 10 more than closed a year earlier.
Pending sales spiked for the second consecutive month in March, from 19 in February to 30, a 58% increase. March also had 18 more sales go to contract than did so in March 2014. Inventory dropped 45% or 13 units, from 29 at the end of February to 16 at the end of March. That equaled about a two week supply at the end of March, down from 1.5 months at the end of February. There was a 0.4 month supply a year ago.
Properties were listed a little longer in March; 22 days. That was the longest since September. Homes were on the market 15 days in February and 12 days a year ago.
Analysis by Price Range
Homes priced under $1 million don’t stay on the market long. Four sales went to contract in March, while the month ended with only one actively listed. That compares to two and three, respectively, in February. March’s one active listing represented a one week supply. This segment accounted for 6% of Mountain View’s pending sales and 13% of its inventory.
The number of homes for sale in the $1 million to $1,499,999 price range fell dramatically, from 10 at the end of February to three at the end of March. That dampened sales, which fell by three units to 10 in March. This price range also had about a one week supply at the end of March. 19% of Mountain View’s inventory and 33% of its pending sales were in this segment.
Homes priced over $1.5 million accounted for 75% of inventory and 53% of sales. 12 properties were actively listed at the end of March, down from 16 at the end of February. Pending sales quadrupled to 16 during March. There was a three week supply at the end of March.