The median sales price fell in Sunnyvale for the third straight month and, for the first time in about 4.5 years, was below the level from a year earlier. Pending sales, after taking a sharp 25% drop in August, regained most of the lost ground; increasing 21% in September. Inventory, which had also declined in August, more than made up for that loss, posting a 13% gain. And for the first time since January, homes were on the market longer than 20 days.
The median sales price in September was $1,3 million, 13% below August’s $1,488,888 and 9% lower than September 2015’s $1,430,000. It was the first time since April 2012 that the year-over-year median sales price declined. The price per square foot also fell, from $903 in August to $851 in September, which was 5% lower than a year earlier. The average sale in September was for 103.4% of the list price, up slightly form 103% in August but below September 2015’s 107%.
INVENTORY AND SALES
51 sales went to contract during September, a 21% increase from 41 in August but an 8.5% increase from a year ago. 112 homes were actively listed at the end of September, up from 99 at the end of August and 100 at the end of September 2015. Supply relative to pending sales dipped slightly, from 2.4 months at the end of August to 2.2 months at the end of September. Closed sales also increased sharply in September, from 42 in August to 54 in September.
DAYS ON MARKET
For the first time since January, homes were on the market longer than 20 days. September’s closed sales were on the market an average of 23 days, up from 18 days in August and 17 days a year ago. 20 days is generally considered a hot market.
Inventory and Pending Sales by Price Range
Under $1 Million
The inventory of homes priced under $1 million increased for the fourth straight month, from 26 at the end of August to 32 at the end of September. That was 30% of all homes for sale here. Pending sales increased from seven in August to 11 in September, making up 22% of Sunnyvale’s sales. A 3.1 month supply of these homes were available at the end of September, down from 3.7 months at the end of August.
$1 Million to $1,499,999
Homes priced from $1 million to $1,499,999 saw inventory fall in September, while sales increased. 39 properties were actively listed in this price range at the end of September, five fewer than at the end of August. Pending sales increased from 18 in August to 24 in September. That cut supply from 2.4 months at the end of August to 1.6 months at the end of September. This segment accounted for 35% of inventory and 47% of sales.
$1.5 Million and Above
35% of Sunnyvale’s inventory was priced at or above $1.5 million, as was 31% of pending sales. 39 homes were available for sale at the end of September, ten more than at the end of August. 16 sales went to contract during September, one less than in August. Supply increased from 1.7 months at the end of August to 2.4 months at the end of September.
Check out these other Real Estate Market Conditions Reports for September 2016: