- Sales up
- Inventory falls for second month
- Median price and price per square foot set new records – again
- Homes on the market only 13 days
Sunnyvale set new records for the second consecutive month for the median sales price and the price per square foot. Demand is very strong and inventory is low, pushing prices higher and the time on the market lower.
June’s record median sales price was $1,520,000, an increase of $68,000 or nearly 5% from May’s already record high of $1,452,000. One year earlier, the median sales price was $290,000 lower at $1,230,000. The price per square foot also blasted right past May’s record high of $891 to $941 in June. That was 26% or $195 higher than a year ago. Homes sold for an average of nearly 115% in June, down 1% from May but selling prices of 15% above list is nothing to worry about.
Closed sales fell for the second straight month, from 69 in May to 55 in June, the same number that closed in June 2014.
83 sales went pending in June, up from 68 in May and 55 a year ago. Inventory fell to 62 homes at the end of June, from 86 at the end of May and 103 at the end of June 2014. That cut supply from about five weeks at the end of May to three weeks at the end of June.
Homes were on the market an average of only 13 days in June, three more days than in May but six less days than a year earlier.
Analysis by Price Range
There were only five homes for sale in the sub $750,000 market at the end of June, one less than at the end of May. This segment of the market continues to shrink as home prices have risen so rapidly over the past few years. Two years ago, this segment accounted for 25% to 30% of Sunnyvale’s inventory but was only 8% at the end of June. Five sales, representing 6% of the market, went pending in this segment in June, compared to four in May. A one month supply was available at the end of June, down from 1.5 months at the end of May.
The inventory of homes priced from $750,000 to $1,299,999 was cut from 37 at the end of May to 25 at the end of June. June’s inventory in this segment was 40% of the city’s total. Pending sales increased from 33 in May to 36 in June, which was 43% of total sales. Supply was cut from 1.1 months at the end of May to 0.7 months at the end of June.
52% of Sunnyvale’s inventory at the end of June was priced at or above $1.3 million. Two years ago, this segment accounted for only 8% of the city’s total inventory. 32 homes were actively listed in this price range at the end of June, down from 43 at the end of May. Pending sales increased by 11, from 32 in May to 43 in June. That was 51% of total sales. A 0.8 month supply was on the market at the end of June, down from 1.4 months at the end of June.