Mountain View real estate

Mountain View Market Conditions November 2015

  • Inventory falls sharply
  • Prices holding up
  • Sales surprisingly strong for this time of year
  • Days on market remains low
  • Still a seller’s market

The Mountain View real estate market kept moving along in November. Demand was still strong but somewhat uneven with lower priced homes seeing more activity. Inventory has been low all year and dropped further in November, to its lowest point of the year. Price indicators were mixed but homes continued to sell well over their list price, on average. As I mentioned last month, the market is feeling like it might be plateauing, at least as far as the rapid double-digit year-over-year price increases we have been experiencing the past couple of years. Prices are likely to continue to increase, just not as rapidly as before. The Fed’s impending interest rate increase appears to be leading to some uncertainty but I don’t see it impacting the market very much right now.

October’s median sales price was $1,727,500, a $12,500 decrease from October’s $1,740,000. November’s median was 9% higher than November 2014’s $1,575,500. Homes sold in November for 109% of their average list price, up from 105% in October but below the 111% from a year ago. The price per square foot increased $94, from 1,023 in October to $1,117 in November, a 13.5% increase over November 2014’s $984.

Mountain View-MC-NOVEMBER_01

Closed sales were little changed at 22 in November, compared to 21 in October and 18 a year ago.

Mountain View-MC-NOVEMBER_02

Inventory took a big hit in November, falling from 42 at the end of October to 26 at the end of November. That was till three more homes available than there were a year ago. Pending sales held up well, even with the reduced inventory, coming in at 21 during November, the same as in October. 18 sales went pending in November 2014. Inventory relative to pending sales fell from 2.0 months at the end of October to 1.2 months at the end of November, on par with 1.3 months a year earlier.

Mountain View-MC-NOVEMBER_03

November’s closed sales were on the market an average of 14 days, two less than in October but three more than in November 2014.

Mountain View-MC-NOVEMBER_04

Analysis by Price Range

15% of Mountain View’s inventory and 19% of pending sales were priced below $1.25 million. Inventory in this segment was cut in half, from eight at the end of October to four at the end of November. Pending sales increased by one to end November with four. A one month supply was available at the end of November, down from 2.7 months at the end of October.

Mountain View-MC-NOVEMBER_05

18 homes price from $1.25 million to $1,999,999 were actively listed at the end of November, nine less than at the end of October. Those 18 properties were 69% of all inventory here. 12 sales went to contract in November, one less than in October. 57% of all sales were in this price range. The above changes resulted in the supply dropping from 2.5 months at the end of October to 1.5 months at the end of November.

Mountain View-MC-NOVEMBER_06

The $2 million and up market segment accounted for 15% of inventory at the end of November and 24% of pending sales during the month. Inventory fell from seven properties at the end of October to four at the end of November. Pending sales fell by two units, from seven in October to five in November.   That left a 0.8 month supply at the end of November down from 1.0 month at the end of October.

Mountain View-MC-NOVEMBER_07