Sunnyvale

Sunnyvale Market Conditions January 2014

Sunnyvale Market Update January 2014

Record low inventory in Sunnyvale has driven sales to record lows as well    Prices, while showing some month-to-month volatility have continued to climb.  Some highlights of the current market include:

–        Inventory lowest in at least 11 years – 7 units at the end of December

–        Pending sales and closed sales lowest in at least 9 years

–        Prices rising – 21 consecutive months with median sales price higher than a year earlier

December’s seven actively listed homes is the fewest going back at least to 2003.  The number more than doubled to 16 at the end of January, which was still one less than a year ago.  January’s level was less than a third the high water mark for 2013 of 52, set in July.  The number of sales that went pending fell right along with inventory.  December’s 20 pending sales was also the lowest level in at least 11 years and were 14 less than a year ago.  Closed sales didn’t fare much better, with 17 in January, the fewest since at least 2005.

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Median sales prices have climbed steadily over the past few years, as can be seen in the chart below.  The median sales price in January was $1,020,000, down from $1,077,500 in December but $120,00 higher (13%) than January 2013’s $900,000.

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The average price per square foot has risen as well, from $565 in January 2013 to $700 in January 2014, a 6% increase.  Sales prices have also been higher relative to the list price.  That ratio was 106% in January.  The average for 2013 was 109%, compared to 103% in 2012.  While the ratio has fallen since peaking at 113% in May, it remains well above the prior year’s level.

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January’s closed sales were on the market an average of 17 days, close to the 2013 average of 18 days.  The average for 2012 was 27 days.  There has been less than a month of inventory here two years.

Price Range Analysis

25% of Sunnyvale’s inventory at the end of January and 33% of sales that went pending during the month were priced below $750,000.  Both inventory and sales have been falling and are below the leves from a year ago.

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Homes priced from $750,000 to $1,299,999 accounted for half of Sunnyvale’s inventory at the end of January and 38% of the sales that went into contract during the month.  This price range has also seen volumes fall since peaking in mid-2013, hitting bottom with only one actively priced home at the end of December and only eight sales in January.

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There were six sales that went pending in January of homes priced at $1.3 million and higher.  That matches the most for any month during 2013 (July).  Only four homes were actively listed in this segment at the end of January, the same number as a year ago and one more than in December.  25% of Sunnyvale’s inventory at the end of January was in this price range, as well as 29% of the pending sales in January.

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