The trend toward a more normal market continued in Sunnyvale in August. Demand remained strong, evidenced by the fact that the average sale was for more than the asking price and closed in only 18 days. However, buyers are becoming more discerning and taking their time. Both pending and closed sales fell in August and prices softened, further evidence of a more balanced market. The market remains on very solid ground; it is just not as skewed toward sellers as has been the case the past few years.
Median Sales Price
On average, homes that sold in August did so for 103% of the list price, down from 197% in July and 109% a year ago. The medians ales price and price per square foot both fell, but only slightly. August’s median was $1,488,000, down $12,000 from July but $13,000 higher than in August 2015. The price per square foot fell $5 to $903 in August, compared to $870 a year ago.
Closed sales by 13 units in August, from 55 in July to 42. That was also 12 fewer sales than August 2015’s 54.
For Sale vs. Pending
Inventory has been up and down the past few months and that continued in August, as the supply increased by 10 homes to 108 at the end of the month. That was 13 more homes actively listed than a year earlier. Pending sales fell 25%, from 57 in July to 43 in August. 54 sales went to contract in August 2015. Supply relative to pending sales increased from 1.7 months at the end of July to 2.5 months at the end of August.
Days to Sell
The average sales took 18 days in August, up one day from July’s 17 and two more days than August 2015’s 16 days.
Analysis by Price Range
Under $1 million
More homes priced under $1 million were on the market at the end of August since September of last year. 27 properties were actively listed, up from 19 in July. Pending sales fell from 13 in July to nine in August. Supply double from 1.5 months at the end of July to 3.0 months at the end of August. 25% of Sunnyvale’s inventory and 21% of its pending sales were priced below $1 million.
$1 million to $1.5 million
The $1 million to $1,499,999 market segment continues to be the largest here, accounting for half of Sunnyvale’s inventory and 44% of pending sales. 54 homes were actively listed in this price range at the end of August, four more than at the end of July. Pending sales fell by three to 19 in August. A 2.8 month supply was available at the end of August, up from 2.3 months at the end of July.
$1.5 million or over
The inventory of homes priced at or above $1.5 million fell for the fifth straight month. 27 homes were on the market in this segment at the end of August, down two from July. Those 27 homes were 25% of Sunnyvale’s total inventory. Pending sales fell by seven homes, from 22 in July to 15 in August, accounting for 35% of all sales here. Supply increased from 1.3 months at the end of July to 1.8 months at the end of August.
Check out these other Real Estate Market Conditions Reports for August 2016: