- Price indicators mixed
- Sales increase again
- Inventory falls, driven by low end
The Sunnyvale real estate market had another strong month in August. The median sales price fell a little but the average price per square foot and the ratio of the sales price to the list price both increased. Both closed and pending sales increased, while inventory declined.
August’s median sales price fell $42,000 or 3.4%, from $1,250,000 in July to $1,208,000. The median price was still $226,500 higher than August 2013’s $981,500. The average price per square foot was $791 in August, up 6.5% ($48) from $743 in July. A year ago, the average price per square foot was $149 lower at $642. Sales closed for an average of $111% of their list price in August, up from 109% in July and 108% a year ago.
Closed sales increased for the seventh consecutive month in August. 66 sales closed during the month, up seven from 59 in July. That was the same number that closed in August 2013.
Pending sales increased three units (5%), from 62 during July to 65 in August. That was seven fewer than went pending a year ago. Inventory fell 7%, form 41 at the end of July to 38 at the end of August. 48 homes were actively listed at the end of August 2013. Inventory relative to pending sales fell from 0.7 months at the end of July to 0.6 months at the end of August.
The length of time homes are available continued its slow climb in August. This statistic has increased by one or two days for the past four months. Homes were listed for an average of 17 days in August, one more than July’s 16 but seven days less than August 2013’s 24 days.
Analysis by Price Range
Properties priced below $750,000 had 16 sales go to contract in August, one more than in July. Inventory in this segment fell 43%, from 14 homes at the end of July to eight at the end of August. That left about two weeks of inventory at the end of August, compared to 0.9 months at the end of July. 21% of Sunnyvale’s inventory at the end of August and 25% of its pending sales during the month were priced below $750,000.
The inventory of homes in the $750,000 to $1,299,999 price range fell two units to end August with 14. Two more sales went to contract in August (31) than July (29). Inventory relative to pending sales decreased from 0.55 months at the end of July to 0.45 months at the end of August. This price range accounted for 37% of inventory and 48% of pending sales.
The market for homes price at or above $1.3 million saw inventory increase 45%, from 11 at the end of July to 16 at the end of August. Pending sales were unchanged at 18. 0.9 months of inventory were available at the end of August, up from 0.6 months at the end of July. Homes in this segment made up 42% of Sunnyvale’s inventory and 28% of its pending sales.