- Prices continue to climb
- Inventory way up, across all market segments
- Pending sales virtually flat
The market for single family detached homes in Sunnyvale remained hot in April. All indicators of price increased during the month, along with the number of sales. Inventory even decided to get in on the act in April and more than doubled from March. Pending sales increased overall, but declined in all market segments except for homes priced under $750,000.
April’s median sales price increased for the third straight month, from $1,226,750 in March to $1,280,000 in April, an increase of 4% ($53,250). April’s median price was $320,000 higher than April 2013’s $960,000. The average closed sale in April was for 116% of the list price, the highest that ratio has been in over three years. March’s ratio was 113% and a year ago it was 112%. The average price per square foot in April was $797, up from $791 in March and 28% ($172) higher than a year ago when it was $625.
Closed sales were up 29%, from 38 in March to 49 in April. That was still ten less than closed a year ago. The rate of increase in closed sales may slow, as pending sales increases slowed in April (see below).
Inventory increased 140% here in April, from 15 at the end of March to 36 at the end of April. That was also eight more homes actively listed than a year ago, when 28 were available. 50 sales went into contract in April, one more than in March. April was the fourth consecutive month that pending sales increased but the rate of increase definitely slowed in April. 0.7 months of inventory relative to pending sales were on the market at the end of April, up from 0.3 months at the end of March and 0.5 months a year ago.
April’s closed sales were listed for an average of only 11 days, down from 26 days in March and 18 days in April 2013.
Analysis by Price Range
The market for homes priced under $750,000 was very strong in April. 14 sales went pending in this segment during April, up from six in March. Inventory nearly tripled, from three at the end of March to eight at the end of April. Inventory relative to pending sales increased from 0.3 months at the end of March to 0.7 months at the end of April. This market segment accounted for 28% of the sales that went pending in Sunnyvale in April and 22% of inventory.
Homes priced from $750,000 to $1,299,000 saw inventory increase and pending sales decline. Inventory doubled, from nine at the end of March to 18 at the end of April. 27 sales went into contract in this price range in April, down from 31 in March. 0.67 months of inventory were available at the end of April relative top pending sales, up from 0.33 months at the end of March. 50% of Sunnyvale’s inventory at the end of April and 18% of its sales that went pending were in this price range.
10 homes priced at $1.3 million and up were actively listed at the end of April, more than triple March’s three. Pending sales, on the other hand, decreased by a third from 12 in March to nine in April. 1.1 months of inventory were on the market at the end of April, up from just one week at the end of March. This segment made up 27% of Sunnyvale’s inventory and 18% of pending sales.