Sunnyvale Market Conditions September 2014
- Market cools a little
- Price indicators fall
- Pending sales fall for first time since December
- Days on market continues to climb
The Sunnyvale real estate market cooled off a little, with sales falling and prices declining some. Pending sales were down across all market segments, while the low end drove a decline in inventory. Homes were on the market for more than 20 days for the first time since March.
The median sales price in September fell $7,500 (0.6%) from $1,215,000 in August to $1,207,500. September’s median price was $18% or $188,500 higher than September 2013’s $1,019,000. September was the first time since January that the median sales price fell for two consecutive months.
The average price per square foot and the sales price to list price ratio also fell in September. September’s average price per square foot was $730, which was $62 or 8% below August’s $792. September’s average was still 15% or $97 higher than a year ago ($633). September’s closed sales were for 108% of the list price, on average, compared to 111% in August and 106% in September 2013.
After increasing for the past seven months, closed sales dropped from 67 in August to 60 in September, a 10% loss. September’s sales were also two units less than a year ago.
31 homes were actively listed at the end of September, down seven sales or 18% from 38 in August. September also had eight fewer homes listed than did September 2013. Pending sales fell 15%, from 65 in August to 50 in September. That was still six more than went to contract a year ago. Inventory relative to pending sales was little changed at about 0.6 months.
September marked the sixth consecutive month that homes were on the market longer than the prior month and the first time since March that they were listed for an average of more than 20 days. Homes were listed for an average of 24 days in September, compared to 17 days in August and 21 days a year ago.
Analysis by Price Range
Only three homes priced under $750,000 were actively listed at the end of September, down from eight at the end of August and 10 a year ago. Only 10% of Sunnyvale’s inventory was in this segment, the lowest percentage in at least a few years. Pending sales also fell sharply, from 16 in August to 11 in September, a 31% drop off. 15 sales went to contract a year ago. 22% of Sunnyvale’s pending sales were priced below $750,000. There was about a week of inventory in this segment at the end of September, half the supply at the end of August.
The inventory of homes priced from $750,000 to $1,299,999 was unchanged from August at 14, representing 45% of the city’s total. Pending sales fell 22%, from 31 in August to 24 in September. September’s sales were 48% of Sunnyvale’s total. Inventory relative to pending sales increased slightly from 0.45 months at the end of August to 0.6 months at the end of September.
Both inventory and sales of homes priced at $1.3 million and up fell in September. Inventory was off two units to end September with 14. Pending sales fell three, from 18 in August to 15 in September. Inventory relative to sales was little changed at 0.9 months. 45% of Sunnyvale’s inventory and 30% of its pending sales were in this segment.
