- Pending sales surge, set new 10 year high
- Inventory falls
- Homes sell for 117% of list price – new high
- Days on market – 11
Sunnyvale is another red hot real estate market. Pending sales were higher in March than in any month in the past 10 years and inventory. Almost anything that is listed, sells quickly and at high prices. Both the median sales price and sales price to list price ratio set all-time highs in March.
The median sales price in March was $1,362,500, the highest in at least ten years and probably ever. March’s price was 7% higher than February’s and 11% higher than a year ago. On average, homes sold for 117% of the list price in March, the highest ratio seen here. The price per square foot fell $33 in March to $841 but was still 6% higher than in March 2014.
Closed sales increased 87% in March, from 30 in February to 56. March also had 47% more closed sales than did March 2014.
March’s 89 pending sales during March was the most seen here in at least ten years and was an increase of 57 (178%) over February’s 32. It was also 51 more sales than a year ago. Inventory could not keep up and fell 24 units, from 61 at the end of February to 37 at the end of March. 66 properties were actively listed at the end of March 2014. With the bi jump in sales and loss of inventory, less than a two week supply was on the market at the end of March, down from 1.9 months at the end of February.
Homes were on the market an average of 11 days in March, down from 24 days in February but one more day than a year ago.
Analysis by Price Range
Pretty much anything available under $750,000 sold in March. We started the month with 11 properties actively listed in this segment and ended with one. 18 sales went to contract during the month. 3% of Sunnyvale’s inventory and 20%of its sales were priced under $750,000.
47 sales of home priced from $750,000 to $1,299,999 went pending during March, up from 22 in February. Those 47 sales were 52% of Sunnyvale’s total. Inventory fell from 36 at the end of February to 19 at the end of March, representing 51% of the city’s total homes for sale. A 0.4 month supply was available at the end of March, down from 1.6 months at the end of February.
In spite of a spike in sales, the inventory of homes priced at $1.3 million or more increased by three in March to 17. 24 sales went to contract during March, up from seven in February. That cut inventory relative to pending sales from 2.0 months at the end of February to 0.7 months at the end of March. 46% of Sunnyvale’s inventory and 27% of its pending sales were in this segment.