The Mountain View real estate market is more balanced than it has been in a long time. Sellers no longer have all the leverage. It is much more normal than the frenetic paced, bidding war market we have seen the past few years. Buyers are more selective and willing to wait longer. We still see some well price quality homes receiving multiple offers but even then, it may be two to four offers, rather than six or more. The market remains very healthy, as evidenced by the fact that the average sale in July was 105% of the list price and took only 16 days. A year ago however, homes were selling for an average of 115% of the asking price.
Median Sales Price
That 105% of list sales average was the lowest here since October of last year. The ratio was 109% in June. The median sales price fell 2.5% in July, from $1.7 million in June to $1.66 million in July. July’s median was still 6% higher than a year ago. The price per square foot also fell in July, from June’s $1,114 to July’s $1,052, a loss of $62. July’s price per square foot was also $37 lower than in July 2015.
16 sales closed in July, compared to 27 in June and 26 a year ago.
For Sale vs. Pending
After dipping in June, inventory increased in July, from 39 at the end of June to 50 at the end of July. July ended with 18 more properties actively listed than a year ago. Pending sales were cut 32% in July, from June’s 28 to 19. 26 sales went pending in July 2015. Supply relative to pending sales increased by more than a month, from 1.4 months at the end of June to 2.6 months at the end of July.
Days to Sell
July’s sales closed in an average of only 16 days. That is an indication of how strong the market is. June’s sales took only 10 days, while July 2015’s took 16.
Analysis by Price Range
Under $1.25 million
Demand for what little inventory of homes priced under $1.25 million is very strong. Only three of these properties were on the market at the end of July, one less than at the end of June. Those three homes were only 6% of the total supply here. Only two sales went to contract in July, unchanged from June. 10.5% of all pending sales in Mountain View were in this segment. A 1.5 month supply was on the market at the end of July, down from 2.0 months at the end of June.
$1.25 million to $1.9 million
33 homes priced from $1.25 million to $1,999,999 were for sale at the end of June, representing 66% of the total. That was an increase from 22 homes at the end of June. Pending sales also fell, from 21 in June to 12 in July. 63% of all pending sales were in this price range. Supply increased from 1.1 month at the end of June to 2.75 months at the end of July.
$2 million or over
The $2 million and up segment accounted for 28% of inventory and 26% of pending sales. Pending sales were unchanged at five, while inventory increased by one to 14. A 2.8 month supply of these homes was on the market at the end of July, up slightly form 2.6 months at the end of June.
Check out these other Real Estate Market Conditions Reports for July 2016:
- Los Altos
- Los Altos Hills
- Menlo Park
- Mountain View
- Palo Alto
- Redwood City