- Pending sales surge to over 100
- Inventory falls
- Two week supply
- Prices keep going up
A lack of inventory and an abundance of buyers kept the Sunnyvale real estate market red hot in April. Inventory fell and sales rose in all market segments, keeping the upward pressure on prices. On average, homes were listed for less than two weeks and sold for more than 116% of their list price.
April’s median sales price was $1,420,000, 4% higher than March’s $1,362,500 and 11% higher than April 2014’s $1,280,000. The average sales price per square foot increased 2.5%, from $841 in March to $862 in April. Homes sold for less than $800 per square foot a year ago. The average sale in April was for 116% of the list price, the same as a year ago but down a little from a blistering 117% in March.
Closed sales followed the lead of pending sales and increased 23%. 69 sales closed in April, compared to 56 in March and 49 a year ago.
109 sales went pending in April, nearly double March’s 56. April also had 60 more sales than a year ago. There weren’t enough sellers to keep pace and inventory fell accordingly. 54 homes were actively listed at the end of April, 22 less than at the end of March and 35 less than a year ago. A two week supply was available at the end of April relative to pending sales. That was a big drop from 1.4 months in March and 1.8 months a year earlier.
With such strong demand and low inventory, you would not expect homes to be listed for long and that is certainly the case here. The average sale in April was on the market for only 13 days. That is two days longer than in March but a week shorter than in April 2014.
Analysis by Price Range
Only five homes priced under $750,000 were on the market at the end of April, half of March’s number. Pending sales were unchanged at 11. That meant there was less than a two week supply at the end of April, down from about a month at the end of March. This segment accounted to 9% of inventory and 10% of pending sales.
48% of Sunnyvale’s inventory and 49% of its pending sales were priced from $750,000 to $1,299,999. 26 of these properties were actively listed at the end of April, down from 37 at the end of March. Sales, on the other hand increased from 31 in March to 53 in April. Inventory relative to sales was cut from 1.2 months at the end of March to 0.5 months at the end of April.
Sales of homes in the $1.3-plus price segment more than tripled, from 14 in March to 45 in April. That is a huge number of sales in this price range and at least partially reflects that fact that prices keep going up, pushing more homes in this segment. Inventory fell by seven units, from 30 at the end of March to 23 at the end of April. A two week supply was available at the end of April, down from over two months at the end of March. This segment accounted for 43% of inventory and 42% of pending sales.