The real estate market in the Silicon Valley slowed a bit in August, typical for this time of year. Inventory, which had managed a small increase in July, dipped 22% in August. Closed sales were off 8% from July but were 19% higher than a year ago. Demand remained strong, with the median sales price increasing, on average, across the region and the sales price to list price ratio increasing to about 107%.

Sunnyvale and Mountain View remained very hot. Inventory was nearly cut in half in Sunnyvale and both cities had less than a two week supply at the end of August. Homes in these communities sold for over 110% of list and were on the market for an average of about 12 days.

Los Gatos/Monte Sereno slowed perhaps the most, with a 1.7 month supply, homes selling for just over the average list price, and staying on the market an average of 41 days.

Los Altos Hills had the most inventory relative to sales, with a 3.6 month supply. The median sales price here was 12% below that of a year ago.

While the Silicon Valley saw supply decrease in August, inventory increased a little nearer the beach. Aptos and Santa Cruz had a 7% increase in supply, while Capitola had a 21% decline. Supply averages about three months in these communities.

Homes sold in about 43 days, on average, in August and for nearly 99% of their list price. The median sales price was up 10% from July and about 14% from August 2016.