Sunnyvale Market Conditions November 2014

  • Price indicators mixed
  • Pending and closed sales fall
  • Closed sales fall for third straight month
  • Inventory lowest since February

The Sunnyvale real estate market saw inventory fall to its lowest level since February. That wasn’t as bad as some surrounding communities, however. Sales, hampered by lower inventory levels also fell in November. Prices remained strong, with sales closing for nearly 110% of list.

The median sales price in November was $1,218,000, which was $48,100 or 4% lower than October’s $1,266,100. November’s price was also $54,000 or 5% higher than a year ago ($1,164,000). The median sales price has been very steady this year, staying between $1.2 million and $1.3 million for the past nine months.

The average price per square foot increased $8 in November, from $768 in October to $776, a 1% bump. That was also 13% or $90 higher than November 2013’s $686. The sales price to list price ratio remained very high at 109% in November, compared to 108% in October and 109% a year ago.

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Closed sales fell by nine units in November, from 49 in October to 40 in November. Noavember’s sales equaled the number of a year earlier.

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26 homes were actively listed at the end of November, down 18% from 32 at the end of October. However, that was 52% higher than November 2013’s 17 properties. Pending sales fell 17%, from 53 in October to 44 in November. November had two more sales than a year ago. A 0.6 months’ supply of homes relative to pending sales was on the market at the end of November, unchanged from October.

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The average number of days homes were listed fell by one to 18 in November. A year ago, properties were on the market for an average of 21 days.

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Analysis by Price Range

Little changed from October in the market for homes priced under $750,000. Ending inventory was unchanged at four and pending sales increased by one unit to 11. A year ago, these numbers were six and nine, respectively. 0.4 months of inventory was available at the end of November, also unchanged from October. 15% of Sunnyvale’s inventory at the end of November and 25% of its pending sales during the month were priced under $750,000.

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Four fewer homes were on the market at the end of November (13) than October (17). Pending sales fell by six, from 25 during October to 19 in November. That left supply unchanged at 0.7 months. This price range made up half of Sunnyvale’s inventory and 43% of its pending sales.

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Inventory and sales fell for homes priced at $1.3 million and up. Nine of these homes were listed at the end of November, down two from October. One year ago, there were only three homes on the market in this segment. 14 sales went to contract in November, four less than in October. Nine sales went pending a year ago. Inventory relative top pending sales was little changed at about 0.6 months. 35% of inventory and 32% of pending sales were in this segment.

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