Sunnyvale Market Conditions July 2015
- Median sales price off record highs
- Other price indicators fall too
- Demand still very strong
- Homes on the market only 15 days
After two months of record high prices, the Sunnyvale real estate market saw prices slip a little in July. That doesn’t mean the market is weak because demand remained very strong. Homes still sold for an average of 112% of their list price during July and were on the market for an average of only 15 days. Inventory is still low and buyers are still moving aggressively.
The median sales price fell $107,500 (7%) in July, from a record $1,520,000 in June to $1,412,500. July’s price was still 13% higher than that from a year ago. The price per square foot, which also set a new record last month, fell $51 (5%) in July to $889. That was almost 20% higher than July 2014’s $743. July’s sales were for 112% of the average list price, down from 115% in June but higher than the 109% from a year ago.
62 sales closed in July, up from 55 in June and 59 in July 2014.
I want to make note of the fact that late in each of the past several months, pending sales and inventory numbers have been restated (pending sales downward and inventory upward). With that said, July’s inventory (at the time of this printing) fell from 91 units at the end of June to 55 at the end of July. Pending sales increased from 57 in June to 97 in July.
The number of days homes were on the market increased from 13 in June to 15 in July, the second consecutive increase. One year ago, homes took 14 days to sell.
Analysis by Price Range
Three homes priced under $750,000 were for sale at the end of July, down from six at the end of June. Pending sales increased by one to six during July. This segment made up only about 5% of both sales and inventory.
25 homes priced from $750,000 to $1,299,999 were actively listed at the end of July, accounting for 49% of Sunnyvale’s total inventory. 44 sales went to contract in this price range in July, 49% of total sales.
45% of Sunnyvale’s inventory at the end of July and 50% of the pending sales during the month were priced at or above $1.3 million. 23 properties were available for sale at the end of July. 48 sales went pending during the month.
