- Sales increase
- Inventory falls
- Days on market very low
- Prices soften
The statistics appear to show that the Mountain View real estate market was pretty hot in April but sometimes statistics can be a bit misleading. There is no doubt that sales were strong in April and that many of the homes that sold did so quite quickly. What the numbers don’t show is that only homes priced somewhat aggressively low received multiple offers and sold quickly – often in a week or less. Other properties, priced less aggressively, took longer to sell. Homes priced around where it seems they should be, sold in about a month. Buyers have more options and are not afraid to act when they find what they want but they have also been willing to wait and keep looking.
The median sales price in April was $1,755,000, down $56,000 or 3% from $1,811 in March. April was also $80,000 or 4% below April 2015’s $1,835,000. That was the first time since March 2015 that the median sales price was below that of a year earlier. The sales price to list price ratio remained high but fell in April, from 113% in March to 108%. That compares to 115% a year ago. The price per square foot was little changed at $1,093.
Closed sales increased by eight homes in April, from 16 in March to 24. 27 sales closed in April 2015.
23 sales went to contract in April, six more than in March and the same as a year ago. Inventory fell six units, from 41 at the end of March to 36 at the end of April. 43 homes were actively listed at the end of April 2015. Supply relative to pending sales slipped from 2.4 months at the end of March to 1.5 months at the end of April and 1.6 months a year earlier.
The number of days homes have been on the market has been less than 20 for the past four months. ON average, homes sold in 19 days in April, up from 13 in March. One year ago, homes were on the market an average of 24 days.
Analysis by Price Range
The inventory of homes priced under $1.25 million stood at three units at the end of April, two less than at the end of March. Pending sales were unchanged at two. About 8% of Mountain View’s inventory and pending sales were in this segment. Supply dropped from 2.5 months at the end of March to 1.5 months at the end of April.
Pending sales of homes priced from $1.5 million to $1,999,999 increased, while inventory fell. 16 sales went pending during April, four more than in March. 24 homes were actively listed at the end of April, two less than at the end of March. This price range accounted for about 69% of both inventory and pending sales for April.
Eight homes priced at or above $2 million were available for sale at the end of April, down two from March. Pending sales, on the other hand increased by two units to five in April. That cut supply relative to pending sales from 3.3 months at the end of March to 1.6 months at the end of April. 23% of Mountain View’s inventory at the end of April and 22% of pending sales during the month were in this segment.