Mountain View Market Conditions March 2016
- Sales increase
- Inventory continues slow rise
- Days on market very low
- Prices increase
The Mountain View real estate market appears to finally be warming up from the winter freeze. Sales were up significantly after falling in February. Inventory has increased slowly the past three months. Demand is very strong here, as evidenced by the fact that homes have not stayed on the market long and have sold for well over their average list price. That was the case, at least, for homes that were appropriately priced and in prime locations. Other properties have been on the market longer.
March’s median sales price was $1,811,000, up 3.8% from $1,745,000 in February and 19% from about $1.5 million a year ago. The average sales price in March was 114% of the list price, up from 111% in February and about the same as in March 2015. The average sales price slipped a little in March, from February’s $1,121 to $1,090. That was still nearly 13% higher than a year ago.
After slipping in February, closed sales returned to January’s level. 16 sales closed in march, compared to 11 in February and 21 in March 2015.
Mountain View had a big jump in pending sales from February to March. 22 sales went to contract during March, 10 more than in February and one more than a year earlier. Inventory increased for the third straight month, but not as rapidly as sales. 34 homes were actively listed at the end of Mach, up from 29 at the end of February. March’s inventory was on par with March 2015’s 33 homes for sale. Inventory relative to pending sales fell from 2.4 months at the end of February to 1.5 months at the end of March. There was a 1.6 month supply one year ago.
March’s closed sales were on the market only 13 days, on average. While that was four days longer than in February, it is still a very short time to sell homes. March 2015’s sales were on the market an average of 15 days.
Analysis by Price Range
Five homes priced under $1.5 million were available at the end of March, unchanged from February. Three sales went pending during the month, two more than in February. The result was a drop in the supply relative to sales from 5.0 months at the end of February to 1.7 months at the end of March. 15% of Mountain View’s inventory and 14% of sales were in this segment.
There was a big increase in pending sales of homes price from $1.5 million to $1,999,999. 15 sales went to contract in March, nearly double Februarys eight. Inventory managed a small gain, from 18 units at the end of February to 21 at the end of March. A 1.4 month supply was on the market at the end of March, down from 2.25 months at the end of February. This price range accounted for 62% of inventory and 68% of pending sales.
The $2 million-plus category saw small increases in both inventory and sales. Four sales went pending in March, one more than in February. Those four sales were 18% of Mountain View’s total. Inventory increased form six at the end of February to eight at the end of March, accounting for 23.5% of all inventory here. Supply relative to sales was unchanged at two months.
