- Market stays hot
- Homes selling for 108% of list
- Median sales price increases for fourth straight month
- Homes on market for an average of 14 days
The Mountain View real estate market continues to be very hot. Price indicators increased in September, as did closed sales. Pending sales were strong, while inventory remained low. Homes were on the market for an average of only 14 days.
September’s median sales price was $1,567,500, which was $71,500 or 5% higher than August’s $1,496,000. September had the highest median sales price since March. The median sales price in September was also $467,500 or 43% higher than September 2013’s $1,100,000.
The average price per square foot increased 4% or $36, from $907 in August to $943 in September. That was 21% or $164 higher than a year ago ($779). On average, homes sold in September for 108% of the list price, down slightly from 109% in August and about the same as a year ago.
Closed sales increased in September after falling for the past two months. 26 sales closed in September, six more than in August and three more than a year earlier.
24 sales went to contract in September, unchanged from August. The monthly average for 2014 so far is 21, compared with 24 for all of 2013. Inventory increased three units, from 11 at the end of August to 14 at the end of September. One year ago, 15 properties were actively listed. 0.6 months’ supply of inventory was on the market (relative to pending sales) at the end of September, up slightly from 0.5 months at the end of August.
After increasing for three months, the average number of days homes were listed dropped in September from 19 in August to 14. The average was 26 days a year ago.
Analysis by Price Range
There was not a lot of activity in the sub $1 million market segment. Four sales went pending during September, one more than in August. Eight sales went pending in this segment a year ago. Inventory was unchanged from August with two actively listed homes, compared with five at the end of September 2013. There was about two weeks of inventory available at the end of September, down from 0.7 months at the end of August. 14% of Mountain View’s inventory and 17% of its pending sales were priced under $1 million.
13 sales of homes priced from $1 million to $1,499,999 went to contract in September, nearly triple the five that went pending in August. September’s sales were also nearly double the seven that went pending one year ago. Inventory also shot up in this price range in September, from two at the end of August to seven at the end of September. Four properties were actively listed in this segment a year earlier. Inventory relative to pending sales increased a little, from 0.4 months at the end of August to 0.5 months at the end of September. This price range made up half of Mountain View’s inventory and 54% of its pending sales.
The $1.5 million-plus market segment saw pending sales drop from 16 in August (the highest level in years) to seven in September. Inventory in this segment fell by two, from seven at the end of August to five at the end of September. That increased inventory relative to pending sales from 0.4 months at the end of August to 0.7 months at the end of September. This segment had 36% of Mountain View’s inventory at the end of September and 29% of the sales that went pending during the month.