Sunnyvale Market Conditions September 2015

  • Price indicators mixed
  • Closed sales fall
  • Inventory still low
  • Homes on the market only 16 days

The real estate market in Sunnyvale remains very busy but the pace, as we approach autumn, is less frantic. Demand is still strong and inventory continues to be constraint but we are seeing fewer multiple offers. Multiple offers are still common for homes priced in the low end of their price band. With inventory being so tight, many buyers are revisiting properties as they see that some of these homes are the best thing available.

September’s median sales price was$1,430,000, 3% ($45,000) lower than August’s$1,475,000. September was 18% higher than a year ago. The sales price to list price ratio also fell from 019% in August to 107% in September. September 2014’s ratio was 108%. The one price indicator that increased in September was the price per square foot, which went up $26 to $896. That was 23% higher than September 2014’s $728.

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Closed sales fell for the second straight month, from 54 in August to 47 in September. That was 15 fewer sales than in September 2014.

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Note that in each of the past several months, pending sales and inventory numbers have been restated (pending sales downward and inventory upward) the following month, so we need to take some caution with the following data.

62 homes were actively listed at the end of September, down from 88 at the end of August. 72 sales went to contract during the month, 14 more than in August. A 1.5 month supply relative to pending sales has been on the market the past two months and I suspect we will be close to that once the data is finalized.

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The average length of time homes were on the market in September was 16 days, down from 19 in August. The average for the year is 17 days.

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Analysis by Price Range

The inventory of homes priced under $1 million stood at 17 at the end of September, seven less than at the end of August. Pending sales increased form 15 in August to 19 in September. 27% of Sunnyvale’s inventory and 26% of its pending sales were priced below $1 million.

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The $1 million to $1,499,999 price range accounted for 42% of inventory and 50% of pending sales. 27 properties were actively listed at the end of September, down from 42 at the end of August.   36 sales went to contract during September, 11 more than in August.

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20 homes priced at $1.5 million or more were available for sale at the end of September, 31% of the total. That was two less than at the end of August. 17 sales went to contract in this segment, making up 24% of the total. That was one less sale than in August.

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