Sunnyvale Market Conditions July 2014
- Median sales price up slightly
- Sales increase
- Inventory increases a little – low end up, upper end down
There was really no sign of a slowdown in Sunnyvale real estate in July. Both pending and closed sales rose, as did inventory. The average price per square foot did fall, although very slightly, for the third straight month. Other price indicators increased.
The median sales price in July was $1,250,000, which was $20,000 or 1.6% higher than in June. That was also 16% or $170,000 higher than a year ago ($1,080,000). July’s sales were for about 109% of the average list price, little changed from June or a year earlier. The average price per square foot fell $2 to $743, which was $114 or 18% higher than July 2013’s $629. The average price per square foot has increased by more than 10% over the year before in all but one of the past 26 months (December 2013’s increase was 9.7%).
Closed sales increased for the sixth consecutive month in July, from 55 in June to 59. 60 sale closed in July 2013.
64 sales went to contract in July, an 8.5% increase (five homes) over June’s 59. July had seven more sales than July 2013. 41 homes were actively listed at the end of July, two more than at the end of June but 11 less (21%) than in July 2013 (52). Inventory relative to pending sales was little changed (6.6 months at the end of June versus 6.4 months at the end of July).
Homes were listed for an average of 16 days in July, one more day than June’s 15 but six fewer days than July 2013’s 22.
Analysis by Price Range
14 homes priced under $750,000 were on the market at the end of July, six more than the eight that were there at the end of June. 15 sales went into contract in this segment during July, three less than in June. Inventory relative to pending sales more than doubled, from 0.4 months at the end of June to 0.9 months at the end of July. 34% of Sunnyvale’s inventory at the end of July and 23% of the sales that went to contract during the month were priced below $750,000.
In the market for homes priced from $750,000 to $1,299,999, inventory increased by one unit to 16 at the end of July. Pending sales were up four, from 27 in June to 31 in July. There was about two weeks of inventory on the market in this price range at the end of July, little changed from June. These homes accounted for 39% of Sunnyvale’s inventory and 48% of its pending sales.
The inventory of homes priced at or above $1.3 million shrank in July, from 16 at the end of June to 11 at the end of July. Pending sales, meanwhile, increased by four units to 18 during July. Inventory relative to pending sales was nearly cut in half, from 1.1 months at the end of June to 0.6 months at the end of June. Homes in this segment made up 27% of Sunnyvale’s inventory and 28% of the sales that went pending.
