- Price indicators mixed
- Closed sales fall
- Inventory still low
- Homes on the market only 19 days
The median sales price bounced back to its second highest level after falling last month. On the other hand, the sales price to list price ratio was below and average 110% for the first time since January. Demand remained strong, with homes selling for 109% of their list price, on average. Inventory continues to be lower than the market needs and homes do not stay on the market for very long here.
The median sales price was $1,475,000 in August, up $75,000 or about 5% from $1.4 million in July. August’s median sales price was $260,000 or 21% higher than a year ago. The average sale was for 109% of the list price in August, down from 112% in July and 111% in August 2014. The price per square foot in August was $870, which was $19 lower than in July but $78 higher than a year earlier.
Nine fewer sales closed in August (54) than in July (63). August also had 13 fewer closed sales than did August 2014.
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. That being said, inventory fell from 92 at the end of July to 68 at the end of August. 75 sales went pending in August, up from 62 in July. The result was a 0.9 month supply relative to pending sales at the end of August.
Homes continue to sell quickly here. On average, properties were on the market an average of 19 days in August, up four days from July and five days from a year ago.
Analysis by Price Range
We have changed the price ranges Sunnyvale beginning this month. Due to the sharp rise in prices over the past year, there have been fewer and fewer homes price below $750,000. The old ranges were under $750,000 million, $750,000 – $1,299,999 million and $1.3 million-plus. The new ranges are under $1 million, $1million to $1,499,999 and $1.5 million-plus. The new ranges better reflect the Sunnyvale real estate market at this time.
18 properties priced under $1 million were on the market at the end of August, accounting for 26% of the total. 21 sales went to contract, which was 28% of all pending sales in August in Sunnyvale. That left a 0.8 month supply at the end of August.
Homes in the $1 million and up category accounted for 49% of Sunnyvale’s inventory and 43% of its pending sales. 33 properties were actively listed at the end of August, while 32 sales went to contract during the month, leaving a 1.0 month supply at the end of August.
22 sales of homes priced at $1.5 million or more went pending during August, which was 29% of all pending sales in Sunnyvale. Inventory in this segment stood at 17 at the end of August and was 25% of the city’s total. There was about a three week supply of these homes at the end of August.