- Pending sales surge
- Inventory increases
- Price per square foot at ten year (all time?) high
- Sales price to list price ratio at ten year (all time?) high
Any increase in sales is met with an even bigger increase in sales, showing just how strong demand is here. While Sunnyvale added a net ten homes to its inventory level in February, pending sales nearly doubled. The insatiable demand is driving prices ever higher, with both the price per square foot and sales price to list price ratio setting all-time highs. Sales were up across market segments.
February’s median sales price was $1,272,500, 7% or $87,500 higher than January’s $1,185,000. February was also about 145 higher than a year ago. The price per square foot was at its highest level in at least ten years at $874. By comparison January was $765 and February 2014 was $745. The same thing can be said for the sales price to list price ratio that was at 113.2% in February, compared to 107% in January and 109% a year ago.
Closed sales got a little bounce, increasing five units, from 25 in January to 30 in February. 27 sales closed a year ago.
Pending sales jumped in February, from 25 in January to 48 in February. February even had eight more sales go to contract than a year ago. Inventory managed to eke out a gain, even with the sales surge. 29 properties were actively listed at the end of February, up from 19 at the end of January. Inventory relative to pending sales decreased from 0.8 months at the end of January to 0.6 months at the end of February.
February’s closed sales were on the market an average of 24 days, down four days from January’s 28 but up nine days from February 2014’s 15 days.
Analysis by Price Range
Nine sales of homes price under $750,000 went to contract during February, up from four in January. Inventory increased from three units at the end of January to five at the end of February. A 0.6 month supply was available at the end of February, down from 0.8 months at the end of January. This segment made up 17% of Sunnyvale’s inventory and 19% of pending sales.
Pending sales of homes priced from $750,000 to $1,299,999 doubled from 15 at the end of January to 30 at the end of February. That was 63% of all pending sales here. Inventory increased by four hoes to end February with 16, representing 55% of the city’s total. Supply relative to pending sales fell from 0.8 months at the end of January to 0.5 months at the end of February.
The increase in inventory of homes priced at or above $1.3 million actually outpaced sales growth in February. Inventory increased from four homes at the end of January to eight at the end of February. Pending sales, meanwhile, increased form six in January to nine in February. That meant a 0.9 month supply was available at the end of February, up from 0.7 months at the end of January. 28% of Sunnyvale’s inventory and 19% of its pending sales were priced at $1.3 million-plus.