- Price per square foot sets new record
- Median sales price falls
- Sales increase
- Inventory still low
The Mountain View real estate market continued to show strength in September but autumn is in the air. Fall typically ushers in a slower pace and, while the market here kept humming along, it was less frantic than it has been all summer. Inventory continues to be a constraint which is leading some buyers to revisit homes, perhaps realizing that in this tight market, there are not a ton of other options. We are still seeing multiple offers on many properties, while others sit on the market. Price indicators were mixed in September but homes continued to sell for nearly 110% of the average list price.
Price indicators were mixed in September, with the price per square foot setting a new record high while the median sales price declined. The price per square foot increased nearly 9%, from $1,065 in August to $1,159 in September. That was 23% or $216 higher than September 2014. The median sales price fell from $1,787,500 in August to $1,680,000 in September, a 6% decline. September’s median was still 7% or $112,500 higher than a year ago. The average sale in September was for 109.5% of the list price, little changed from 109.7% in August and 108.4% in September 2014.
After falling last month, closed sales increased five units to 25 in September, about the same as the 26 that closed in September2014.
Note that in each of the past several months, pending sales and inventory numbers have been restated (pending sales downward and inventory upward) the following month, so we need to take some caution with the following data.
The currently available data shows inventory unchanged at 38 homes, which most likely means it will show an increase once the data is finalized. 37 homes were for sales one year ago. Pending sales increased from 21 in August to 32 in September. That left a supply of 1.2 months relative to pending sales at the end of September.
September’s closed sales were available for an average of only 16 days, a good indication of the strength of demand. Homes were on the market an average of 15 days in August and 26 days a year ago.
Analysis by Price Range
The inventory of homes priced below $1.25 million fell from seven at the end of August to five at the end of September. Pending sales increased from one in August to six in September. This segment accounted for 13% of Mountain View’s inventory and 19% of pending sales.
Homes priced from $1.25 million to $1,999,999 make up the majority of the market here, accounting for 58% of inventory and 69% of pending sales.22 Sales went to contract in September, six more than in August. September ended with 22 properties actively listed, down from 26 in August.
11 homes priced at or above $2 million were actively listed at the end of September, 29% of the total. September’s inventory was six units higher than August’s. Pending sales were unchanged at four, 13% of the city’s sales in September.