- Prices settle after rapid rise the past few months
- Inventory down slightly after big jump in April
- High end leads increase in pending sales
After increasing 25% since January, the median sales prices fell back 6% in May, as other price indicators also declined. Inventory fell by five units but was still higher than any time since October, with the exception of April. Homes priced at $1.3 million or more nearly doubled their number of pending sales in May.
The median sales price was $1,200,000, 6% or $80,000 below Aprils, $1,280,000. That was still 21% or $210,000 higher than May 2013’s $990,000. The average sales price per square foot was $787 in May, down $16 or 2% from $797 in April. The average price per square foot a year ago was $635, $146 or 23% below the current price. Sales in may closed for about 115% of the list price, down from 116% in May but higher than the 113% of a year earlier.
51 sales closed in May, two more than in April, ending a four month streak of increases. 18 sales closed in May 2013.
53 sales went into contract in May, up three from 50 in April. Pending sales have now increased for each of the past five months. May’s sales were still 10 units (16%) lower than May 2013’s 63. Inventory fell from 36 homes at the end of April to 31 at the end of May. One year ago, 42 properties were actively listed. 0.6 months of inventory relative to pending sales were available at the end of May, down from 0.7 months at the end of April.
Sales closed in May were listed for an average of 14 days, three fewer than for April’s sales but four fewer days than in May 2013.
Analysis by Price Range
The inventory of homes price under $750,000 increased 50% in May, from eight at the end of April to 12. Conversely, pending sales were nearly cut in half from 14 in April to eight in May. That nearly tripled the number of months of inventory from 0.6 at the end of April to 1.5 at the end of May. 39% of Sunnyvale’s inventory was in this segment, while only 18% of pending sales were priced below $750,000.
The number of pending sales of homes priced from $750,000 to $1,299,999 remained high in May at 29, two more than in April. Inventory took a step back to 10 units, down eight from 18 at the end of April. Inventory relative to pending sales was cut from about 0.7 months at the end of April to 0.3 months at the end of May. This price range accounted for 55% of Sunnyvales’ sales and 33% of its inventory.
$1.3 million-plus homes made up 29% of Sunnyvale’s inventory at the end of May and 30% of the sales that went pending during the month. 16 sales went into contract during May, seven more than in April. Inventory fell by one unit to nine at the end of May. 0.6 months of inventory were on the market in this segment at the end of May, compared to 1.1 months at the end of April.