- Prices rise
- Pending sales back up after falling in September
- Closed sales fall sharply
- Inventory mostly flat
It was a bit of a bounce back month for Sunnyvale real estate in October. Price indicators rose and pending sales increased. Closed sales fell but that was expected after pending sales fell last month. Inventory increased by one unit.
October’s median sales price was $1,266,100, which was 5% or $58,600 higher than September’s $1,207,500. October’s median sales price was 30% or $290,100 higher than a year ago ($976,000). The median sales price has been over $1 million here for the past twelve months.
The average price per square foot increased 5.5% of $40, from $728 in September to $768 in October. October was 20% higher the $640 per square foot from a year ago. The average sale in October was for 107.9% of the list price, the first time this ratio was below 108% since January. September’s sales were for 108.4% of the list price, on average.
Closed sales fell for the second straight month in October, this time by 21%. 49 sales closed during October, compared to 62 in September and 52 a year ago.
53 sales went to contract in October, an increase of four units or 8% from 49 in September. 51 sales went pending a year ago. Inventory increased by only one unit to end October with 32, compared to 34 a year earlier. A 0.6 month supply was on the market at the end of October, unchanged from September.
After climbing steadily since April, the average number of days homes were on the market fell in October, from 24 days in September to 18. Homes were listed for an average of 13 days in October 2013.
Analysis by Price Range
The inventory of homes priced under $750,000 increased by one unit to end October with four, compared to seven a year ago. Pending sales fell by one unit to 10 during October. That was 70% of the level from October 2013 (15). Inventory relative to pending sales increased slightly, from 0.3 months at the end of September to 0.4 months at the end of October. 13% of Sunnyvale’s inventory and 19% of its pending sales were priced under $750,000.
In the $750,000 to $1,299,999 price range, both inventory and pending sales increased. 17 properties were actively listed in this price range at the end of October, up from 14 at the end of September but two less than October 2013’s 19. Pending sales increased from 23 in September to 25 in October. That was still less than the 31 sales that went to contract a year ago. 0.7 months of inventory were available at the end of October, up from 0.6 months at the end of September. This price range accounted for 53% of Sunnyvale’s inventory at the end of October and 47% of the sales that went pending during the month.
Homes priced at $1.3 million-plus accounted for 34% of both inventory and pending sales. Inventory fell from 14 homes at the end of September to 11 at the end of October. 18 sales went to contract in October, three more than in September. That cut inventory relative to pending sales from 0.9 months at the end of September to 0.6 months at the end of September.