- Inventory lowest since January
- Pending and closed sales lowest since March
- Homes still selling well above list price
Both inventory and sales were quite low in November. The low level of inventory is definitely putting a brake on sales. Prices remained strong and homes sold for more than 110% of list during the month.
The median sales price increased $22,612 or 1.5% in November, from $1,552,888 in October to $1,575,500. That was 19% or $248,000 above November 2013’s $1,327,500. The median sales price has now been over $1.5 million for the past three months.
The average price per square foot fell $6 to $984 in November. A year ago, the average price per square foot was $196 lower at $788. The sales price to list ratio fell from 113% in October to 112% in November. The monthly average for the year is 111%. One year ago the average was 107%.
Closed sales fell by three units, from 21 in October to 18 in November. The current month had six fewer sales than did November 2013 (24).
Twelve sales went to contract in November, a big drop from 23 in October. January was the last time sales were that low and you have to go back to December 2012 to find fewer pending sales. Only six properties were actively listed at the end of November, a third less than at the end of October and two less than a year ago. November had the second lowest inventory level of the year, with only January having fewer homes on the market (five). A two week supply was available at the end of November, up from 0.4 months at the end of October.
Properties were listed for an average of only 11 days in November, down from 14 in October and 17 a year ago. March was the only month since April 2013 with a lower number of days on the market.
Analysis by Price Range
No sales of homes priced under $1 million went to contract in November, compared to one in October and seven a year ago. Four properties were on the market at the end of November. There have been either three or four actively listed homes in this segment for the past four months. November’s inventory represented a third of Mountain View’s total.
Pending sales of homes priced from $1 million to $1,499,999 plunged from nine in October to four in November. Seven sales went pending a year ago. Inventory was unchanged from October’s three, which was three more than were listed a year ago. Those three homes represented about three weeks of inventory, which was up from about a week at the end of October. Half of Mountain View’s inventory and a third of its pending sales were in this price range.
Three homes priced at $1.5 million or above were on the market at the end of November, two less than at the end of October but two more than a year ago. Four sales went to contract in this segment in November, down from nine in October and seven a year earlier. Inventory relative to pending sales rose from 0.6 months at the end of October to 0.75 months at the end of November. This price range accounted for 50% of inventory and 33% of pending sales.