- Inventory up – but still low
- Prices slipped a bit from December
- Closed sales cut in half
Last month, I said Sunnyvale’s inventory of homes for sale couldn’t go much lower and that proved to be the case, with 14 added to the supply. Sales, however, were affected by the extremely low inventory the past several months. Closed sales were cut in half and pending sales fell a little as well. Prices have been fairly flat here for nearly a year and that didn’t change much in January.
The median sales price in January was $1,187,500, 2% ($27,500) lower than December’s $1,215,000 but 16% or $167,500 higher than January 2014’s $1,020,000. The price per square foot fell about 3%, from $785 in December to $763 in January. A year ago the price per square foot was $700. The average sales in January was for 107% of the list price, a very strong ratio but still the lowest since January 2014’s 106.6%.
Closed sales were cut by more than half, from 52 in December to 24 in January, which was the fewest since January 2014’s 17.
19 homes were actively listed at the end of January, up from only five at the end of December. While 25 is still a low level of available homes, it was higher than January 2014’s 16. Pending sales fell by four units to 25 in January, compared to 20 a year ago. With the addition of inventory, a 0.8 month supply was on the market at the end of January, up from 0.2 months at the end of December.
Homes were on the market longer in January than at any time since May 2012. January’s sales were listed for an average of 28 days, up from 17 days in December and 17 days a year ago.
Analysis by Price Range
The market for homes priced under $750,000 had three properties available at the end of January, up from zero at the end of December. Four sales went to contract in this segment during January, compared to six in December. January’s ending inventory represented about a three week supply. This segment accounted for 16% of both inventory and pending sales.
The inventory of homes in the $750,000 to $1,299,999 price range took a big jump in January, from three at the end of December to 12. That was 63% of Sunnyvale’s total supply. Pending sales were unchanged at 15, representing 60% of the city’s total sales. A 0.8 month supply was on the market at the end of January, four times December’s 0.2 months.
The city also added inventory in the $1.3 million and up category. Four properties were actively listed at the end of January, compared to two at the end of December. Pending sales fell from eight in December to six in January. Inventory relative top pending sales increased from 0.25 months at the end of December 0.7 months at the end of January. This price range accounted for 21% of Sunnyvale’s inventory and 24% of its pending sales.