- Demand uneven
- Sales price to list price ratio declines
- Sales surprisingly strong for autumn
- Inventory still low
The Mountain View real estate market showed surprising strength during October when the market typically softens heading into autumn and winter. That strength was, however, uneven. Attractive homes in good locations and priced right saw a lot of activity while other homes stayed on the market longer. Lower priced homes saw greater demand than properties. Inventory remained low and continued to keep activity lower than it probably would be. The homes that did sell, did so quickly but prices were less high relative to the list (although still nearly 105% of list). Demand for homes here remains alive and well here but we may be reaching a plateau.
The average sale in October was for 104.7% of the list price, down from 109% in September and 113% a year ago. The median sales price increased $60,000 to $1,740,000. That was 12% higher than a year ago ($1,552,888). The price per square foot fell from September’s record high of $1,158 to $1,023 in October, the seventh consecutive month over $1,000. One year ago, the price per square foot was $990.
21 sales closed in October, down from 25 in September but equal to the number of sales in October 2014.
38 properties were actively listed at the end of October, down 11 from 49 in September, a 22% decline. However, inventory was five units higher than a year ago. 24 sales went to contract in October, one less than in September and two less than in October 2014. Inventory relative to pending sales fell from 2.0 months at the end of September to 1.6 months at the end of October. A year earlier, there was also a 1.6 month supply.
Homes were listed for an average of 21 days in October, down from 25 days in September and equal to the length of time on the market from a year ago.
Analysis by Price Range
Only three homes priced below $1.25 million were actively listed at the end of October, down from seven at the end of September. Pending sales in this segment increased from five in September to seven in October. That cut supply to less than two weeks at the end of October from 1.4 months at the end of September. 29% of Mountain View’s pending sales were priced below $1.25 million but only 8% of its inventory was in this segment.
Homes priced from $1.25 million to $1,999,999 accounted for 74% of inventory and half of all pending sales. 28 homes were available for sale in this segment at the end of October, down one from September. Pending sales fell five units, from 17 in September to 12 in October. A 2.3 month supply was on the market at the end of October, up from 1.7 months at the end of September.
Pending sales of homes priced at or above $2 million increased by two to five in October. Inventory, on the other hand was cut nearly in half, from 13 in September to seven in October. That left a 1.4 month supply at the end of October, down from 4.3 months at the end of September. This price range made up 18% of Mountain View’s inventory at the end of October and 21% of pending sales during the month.