- Winter slowdown? What winter slowdown?
- Sales keep rolling
- Inventory falls
- Prices buoyant
Someone forgot to tell the Sunnyvale real estate market that it was supposed to slow down in the fall and winter. So far, it has not got the memo. Pending sales remained strong, homes are not staying on the market long and prices have not fallen. While the wider market feels like it may be moving past the rapid price increases (year over year) that we have had the past few years, prices in Sunnyvale have continued to rise. I suspect we will see a slow down here before long but that has not happened yet. The only indication of softening here is that the sales price to list price ratio was lower than it has been in nearly three years. However, homes selling for 106% of their list price is not exactly a weakness. The Fed is likely to increase interest rates soon, which might normally create some uneasiness but I don’t get the feeling it is having any real affect here yet.
November’s median price increase was $1,408,000, which was 3% higher than October’s $1,370,000 and
16% higher than November‘s $1,218,000. On average, November’s sales were for 106% of the list price, down from 108%. November’s ratio was the lowest since January 2013. The price per square foot ticked up $3 to $899 in November, a 17% increase from one year earlier.
One more sale closed in November (45) than in October and four more than a year ago.
Inventory fell again in November, from 88 at the end of October to 61 at the end of November. 76 homes were on the market a year ago. Pending sales remained flat at 47. That was six more sales than in November 2014. A 1.9 month supply relative to pending sales was available at the end of November, compared to 1.3 months at the end of October.
Homes sold in an average of only 13 days in November, down from 17 days in October and 19 days a year ago.
Analysis by Price Range
15 homes priced under $ 1million were actively listed at the end of November, five less than at the end of October. Pending sales were unchanged at 14. That left a 1.1 month supply at the end of November, down from 1.4 months at the end of October. 25% of Sunnyvale’s inventory and 30% of pending sales were priced under $1 million.
The $1 million to $1.5 million price range accounted for 44% of inventory and 43% of sales. Inventory dropped sharply, from 44 homes at the end of October to 27 at the end of November. Pending sales increased by one unit to 20 during November. The drop in inventory reduced the supply from 2.3 months at the end of October to 1.4 months at the end of November.
Pending sales of $1.5 million-plus homes fell by one to 13 in November. Five fewer homes were actively listed at the end of November, which ended with 19 of these homes on the market. A 1.5 month supply was available at the end of November, off from 1.7 months at the end of October. This segment made up 31% of inventory and 28% of pending sales.