- Inventory very low
- Less than two weeks supply
- Homes selling for 113% of list
- Price per square foot increases for third straight month
The Mountain View real estate market continued in high gear in October. Demand remained high while inventory dropped. The median sales price fell a bit in October but other price indicators moved higher. Pending sales were flat but closed sales fell.
The median sales price dipped slightly in October, from $1,567,500 in September to $1,552,888, a loss of about 1% or $14,612. October’s median price was still 7.6% or $109,888 higher than a year ago when it was $1,443,000.
The average price per square foot was $990 in October, a $47 or 5% increase from $943 in September and a $191 or 241% increase from $799 a year ago. After staying below 110% the past four months, the sales price to list price ratio increased to 113% in October. It was 108% in September and 104% a year earlier.
21 sales closed in October, five less than in September and nine less than a year ago.
Pending sales were unchanged from September at 24 but were seven units lower than a year ago. Inventory fell by five properties, from 14 at the end of September to nine at the end of October. 17 homes were actively listed at the end of October 2013. 0.4 months’ of inventory was on the market at the end of October, down from 0.6 months at the end of September and 0.6 months a year ago.
Homes were on the market an average of 14 days in October, unchanged from September and one more day than in October 2013.
Analysis by Price Range
There was one property priced below $1 million actively listed at the end of the month, one less than at the end of September. Four sales went pending in this segment during October, unchanged from September. One year ago, there were seven properties on the market and nine sales went pending. A one week supply was available at the end of October, half the two weeks available at the end of September. 11% of Mountain View’s inventory at the end of October and 17% of the sales that went pending during the month were in this segment.
The inventory of homes priced from $1 million to $1,499,999 fell from 13 at the end of September to 11 at the end of October. Pending sales were cut from seven in September to only three in October. There were five a year ago. Inventory relative to pending sales was cut in half from about two weeks at the end of September to about one week at the end of October. This price range accounted for 33% of inventory and 46% of pending sales.
Pending sales of $1.5 million-plus homes increased from seven in September to nine in October. Inventory was unchanged at five. Inventory relative to pending sales decreased from 0.7 months at the end of September to 0.6 months at the end of October. This segment had 56% of Mountain View’s inventory at the end of October and 38% of the sales that went to contract.