- Prices increase
- Pending sales increase, led by homes priced over $1 million
- Price per square foot over $1,000
- Inventory falls across market segments
- Less than two weeks of inventory available
The Mountain View real estate market powered forward in May after slowing a bit in April. Pending sales increased 68% while inventory fell 28%. All price indicators were higher in May than in April.
The median sales price in May was $1,375,000, which was $50,000 or 4% higher than April’s $3,325,000. That was also $145,000 or 12% higher than May 2013’s $1,230,000. The average price per square foot increased from $837 in April to $1,021 in May. That was the first time the price per square foot was over $1,000 here in at least several years. IN fact, it was the first time over $900 during that period. Closed sales in May were for 115% of the list price, on average, the same as in April. This ratio was 113% a year ago.
Eleven fewer sales closed in May (18) than in April (29) a 61% decline. May also had six fewer closed sales than a year ago.
32 sales went pending during May, an increase of 68% or 13 sales from April’s 19. May also had one more sale go pending than a year ago. Inventory fell by five units or 28%, from 18 at the end of April to 13 at the end of May. May’s ending inventory was half the level of a year earlier. Only 12 days of inventory was on the market at the end of May, compared to one month at the end of April and two weeks a year ago.
May’s closed sales were on the market an average of 16 days, up from 16 in April but lower than May 2013’s 24 days.
Analysis by Price Range
The inventory of homes priced under $1 million increased from only one in April to five at the end of May. Four sales went into contract in this segment during May, three less than during April and six less than a year ago. That increased inventory relative to pending sales from less than a week at the end of April to about five weeks at the end of May. 13% of Mountain View’s pending sales and 39% of its inventory were in this segment.
Pending sales of homes priced from $1 million to $1,499,999 more than tripled while inventory was cut in more than half. Inventory fell from 13 at the end of April to six at the end of May. 16 sales went into contract during May, up from five in April. That cut to less than two weeks the amount of inventory on the market. This price range accounted for 50% of Mountain View’s pending sales and 46% of its inventory.
Sales of homes priced at $1.5 million or more went into contract in May, five more than April’s 12 but two less than a year ago. Inventory was cut from four at the end of April to two at the end of May. That left only about five days of inventory relative to pending sales at the end of May, down from over two weeks at the end of April. 38% of Mountain View’s pending sales and 15% of its inventory were priced at $1.5 million or more.