Sunnyvale Market Conditions June 2014

• Median sales price up slightly
• Other price indicators fall
• Pending sales rise for fifth consecutive month, led by low end
• Inventory increases

The median sales price increased 2.5% in June after falling 6% last month.  The average price per square foot and sales price to list price ratio both fell in June.  More sales went pending in June than in any months since March 2013.  Inventory was at its highest level since September.

June’s median sales price was $1,230,000, which was $30,000 or 2.5% higher than May’s $2,200,000.  June’s median price was 10% or $110,000 higher than June 2013’s $1,120,000.  The average sales price per square foot fell from $781 in May to $745 in June, a loss of $36 or 4.5%.  That was still $76 or 11% higher than a year ago ($669).  On average, closed sales in June were for 109% of the list price, down from 115% in May.  June was the first time below 110% since February.  A year ago, homes sold for 112% of their listed price, on average.

Closed sales increased from 52 in May to 55 in June, the same number that closed a year ago.  Closed sales have increased for the past five months, a trend likely to continue at least through July since pending sales also increased (see below).

61 sales went pending in June, an increase of eight (15%) from 53 in May.  June had the most pending sales since March 2013, which also had 61.  Inventory increased eight units, from 31 at the end of May to 39 at the end of June, a 26% jump.  That was still 10 less homes available than at the end of June 2013.  Inventory relative to pending sales was little changed at about 0.6 months.

June’s closed sales were on the market an average of 16 days, up from 14 days in May and one less than a year ago.

Analysis by Price Range

Homes priced under $750,000 saw the number of pending sales more than double, from eight during May to 19 in June.  That was the most pending sales in this segment since May 2013, when there were 21.  Inventory fell by a third, from 12 at the end of May to eight at the end of June.    The big increase in sales dropped inventory relative to pending sales from 1.5 months at the end of May to 0.4 months at the end of June.  This segment accounted for 21% of Sunnyvale’s inventory and 31% of its pending sales.

The inventory of homes priced from $750,000 to $1,299,999 increased 50%, from 10 at the end of May to 15 at the end of June.  27 sales went into contract during June, two less than in May.  0.6 months of inventory were available at the end of June, up from 0.3 months at the end of May.  39% of Sunnyvale’s inventory and 44% of its pending sales were in this price range.

Homes price at $1.3 million or more made up 41% of Sunnyvale’s inventory and 25% of pending sales.  16 homes were actively listed in this segment at the end of June, up from nine at the end of May.  15 sales went into contract during June, one more than in May.  Inventory relative to pending sales increased form 0.6 months at the end of May to 1.1 months at the end of June.