- Market keeps moving along
- Pending sales surprisingly strong
- Demand uneven
- Inventory still low
Demand for real estate in Sunnyvale remained strong, although a bit uneven during October. Pending sales rose and inventory fell as buyers continued to be on the lookout for the right property. Demand was strong across market segments but was somewhat spotty, depending on price point, location and individual property appeal. Buyers are still acting aggressively when they see a home they like, as evidenced by the short time period on the market and the high sales price to list price ratio.
The median sales price declined a little in October but other price indicators moved higher or were unchanged. The average sale was for 108.3% of the list price in October, up from 107.3% in September and a flat 108% a year ago. The price per square foot was the same in October as in September at $896, compared to $768 a year ago. The median sales price in October was #1.37 million, down 4% from $1.43 million in September. A year earlier, the median sales price was $1.27 million.
44 sales closed in October, down from 47 in September. It was the third monthly decline in closed sales. There were 49 closed sales in October 2014.
Inventory fell sharply in October, from 97 homes at the end of September to 71 at the end of October. Pending sales increased from 47 in September to 56 in October. Those numbers compare to October 2014’s inventory of 81 homes and pending sales of 49. Inventory relative to pending sales fell from 2.1 months at the end of September to 2.3 months at the end of October.
The homes that sell here do so quickly. October’s closed sales were on the market 17 days, only one day more than September’s 16 days. One year ago, homes were listed for an average of 19 days.
Analysis by Price Range
13 sales of homes price below $1 million went pending in October, one less than in September. The inventory of these homes fell from 27 at the end of September to 19 at the end of October. That represented about 1.5 months of inventory. This segment had 27% of Sunnyvale’s inventory and 23% of sales.
Pending sales of homes priced form $1 million to $1,499,999 increased from 24 in September to 27 in October, representing 48% of all sales here. 47% of the city’s inventory was in this price range. 33 homes were actively listed at the end of October, down from 40 at the end of September. A 1.2 month supply of these homes was available at the end of October, down from 1.7 months at the end of September.
Homes priced at $1.5 million and up accounted for 27% of inventory and 29% of pending sales. Inventory fell from 30 homes at the end of September to 19 at the end of October. That was a 1.2 month supply. Pending sales Increased form 10 in September to 16 in October.