The weather may be cooling off but the Silicon Valley real estate market remains hot, especially in Sunnyvale and Mountain View, where homes sold for an average of nearly 118% of their list price in November. Inventory fell across the Valley (Mountain View was flat) and there was less than a month’s supply at the end of November. Sales increased 8% from October in spite of the decrease in supply and prices remained buoyant. On average, homes sold for 109% of their list price and the median sales price was about 17% higher than a year ago.

Overall, inventory was down 43% from October and 29% from a year ago. Los Altos (0.3 months) and Sunnyvale (0.4 months) had less than two weeks’ supply. Only Los Alto Hills (1.8 months) and Los Gatos/Monte Sereno (1.9 months) had more than one month of inventory on hand.

Homes in Mountain View and Sunnyvale sold very quickly (9 and 11 days, respectively). Palo Alto was also in the “hot” zone (less than 20 days) at 15. The average for the region was 25 days.

Inventory fell in the beach communities we follow, as well; on average by 23%, from both October and a year ago. There is a 1.1 month supply here, with only Santa Cruz having less than a month (0.9 months).

The median sale price was down about 9% from October but was still nearly 4% higher than at this time in 2017. The average sale in October was for 99% of the list price, down slightly from October. Homes sold in an average of 38 days in November, five more than in October but three less than in November 2016.