- Sales up
- Inventory falls after four month climb
- Median price and price per square foot set new records
Stop me if you’ve heard this before, but like many of the surrounding cities, Sunnyvale saw record prices (as measured by the median sales price and price per square foot) in May. Pending sales surged higher and inventory took a fall, after climbing for the past four months. Homes priced over $1.3 million had the biggest sales gains and inventory losses.
The median sales price in May was $1,452,000, an increase of $32,000 from April and $252,000 from a year ago. May’s was the highest median sales price ever recorded here. Likewise, the price per square foot also was the highest on record at $891. That compares to $859 in April and $781 a year ago. The average sale in May was for just over 116% of the list price, little changed from April
67 sales closed in May, two less than in April but 15 more than in May 2014.
In spite of the low inventory level, pending sales increased from 71 at the end of April to 101 at the end of May. 52 sales went pending a year earlier. Inventory had been on the rise for the previous four months but shrank in May, from 93 in April to 49, leaving about a two week supply. There was a 1.3 month supply at the end of April and 1.8 months a year ago.
May’s sales were listed for an average of 34 days, little changed from 35 days in April.
Analysis by Price Range
Homes priced under $750,000 saw both inventory and sales decline in May. Pending sales fell from nine in April to six in May, while inventory fell from seven to four. A 0.7 month supply was available at the end of May, down slightly from 0.8 months at the end of April. Only 8% of Sunnyvale’s inventory was in this segment, along with 6% of pending sales.
47 sales of homes priced from $750,000 to $1,299,999 went pending in May, up from 34 in April. Inventory was cut from 46 properties at the end of April to 22 at the end of May. That resulted in cutting the supply relative to sales from 1.4 months at the end of April to 0.5 months at the end of May. This price range made up 45% of inventory and 47% of pending sales.
Homes priced at or above $1.3 million continued to account for a larger share of the market in May (47% of inventory and 48% of pending sales). Pending sales increased from 28 in April to 48 in May, while inventory fell from 40 at the end of April to 23 at the end of May. There was approximately a two week supply on the market at the end of May, down from 1.4 months at the end of April.