Mountain View Market Conditions May 2016
- Sales flat
- Inventory up
- Days on market still very low
- Prices up
The Mountain View real estate market remained very strong in May, with strong sales, increasing prices and a little more inventory. The market remained somewhat split. As we have seen the past few months, homes priced below where they “should be” received multiple offers and sold quickly, while other properties did not see the same level of activity or offers and stayed on the market considerably longer.
May’s median sales price was $1,973,000, 12% higher than April’s $1,755,000 and 6% higher than May 2015’s $1,860,000. The average sale in May was for 110% of the offer price, up from 108% in April but below the 116% from a year ago. The price per square foot also increased, from $1,093 in April to $1,223 in May, a 12% jump. May’s price per square foot was also $123 higher than a year ago.
22 sales closed in May, two less than in April and five less than a year earlier.
After dipping in April, inventory continued the climb it has been on all year. 42 properties were actively listed at the end of May, six more than at the end of April and one less than a year ago. One more sale went to contract in May (26) than in April. 27 sales went pending in May 2016. A 136 month supply was available at the end of May, up from 1.4 months at the end of may.
The number of days homes have been on the market has been below 20 days for the past five months. May’s closed sales were listed for an average of 13 days, three less than in April but four more than a year ago.
Analysis by Price Range
The market for homes priced under $1.25 million remained small in Mountain View, accounting for just 10% of inventory and 8% of pending sales. Inventory increased by two units to end May with four homes for sale. Pending sales went the other way, falling from four in April to tow in May. That left a two month supply of these homes on the market at the end of May, up from about two weeks at the end of April.
The $1.25 million to $1,999,000 price range accounted for 67% of inventory at the end of May and 69% of sales that went pending during the month. 28 homes were actively listed at the end of May, one more than at the end of April. 18 sales went to contract during May, two more than in April. A 1.6 month supply was on the market at the end of May, little changed from April’s 1.7 months.
Both pending sales and inventory of homes priced at or above $2 million increased in May. 10 properties were for sale at the end of May, three more than at the end of April. Pending sales increased form five in April to six in May. Supply stood at 1.7 months at the end of May, compared to 1.4 months at the end of April. This segment accounted for 14% of inventory and 23% of sales.