- Sales remain low
- Inventory creeping upward
- Days on market at record low
- Prices show strength
- Lower end most in demand
The Mountain View real estate market continued to be a bit of a mixed bag in February. Demand was strong for homes in good locations that were appropriately priced, while other homes stayed on the market longer. While pending sales were flat and closed sales fell, the homes that sold did so very quickly. And they sold at well over their list price, on average. Demand was very strong for homes at the lower end of the market (priced under $1.25 million) but there were very few of those homes available. The next tier ($1.25 million – $2 million) had the bulk of the activity.
The median sales price in February was $1,745,000, 8% or $130,000 higher than January’s $1,615,000. February’s median price was also 16% higher than a year ago. On average, homes sold for nearly 111% of their list price in February, up from 107% in January but slightly below February 2015’s 112%. The one price indicator that fell in February was the price per square foot, which was down only $5 at $1,121. That was 18% higher than a year ago.
Eleven sales closed in January, down from 16 in January and four less than in February 2015.
Pending sales were flat from January at 16. That is not many pending sales here but is on par with where the market was a year earlier, when 15 sales went pending. Inventory increased, albeit only slightly, for the second straight month, a good sign for a market in need of supply. 27 homes were actively listed at the end of February, up from 23 at the end of January but 10 less than a year ago. Supply relative to pending sales increased from 1.4 months at the end of January to 1.7 months at the end of February. Mountain View had a 2.5 month supply at the end of February 2015.
Properties that are priced right do not stay on the market for long here. February’s closed sales were listed for an average of only nine days. That ties for the fewest number of days we have seen in at least 14 years.
Analysis by Price Range
The demand for homes priced under $1.25 million remained very strong, as evidenced by the fact that there was only one home actively listed at the end of January and yet three of them had sales go to contact during February. That was the same number of sales that went pending in January and represented 19% of all pending sales in Mountain View. Three of these properties were actively listed at the end of February, 11% of all inventory. A one month supply was on the market at the end of February, up from 0.33 months at the end of January.
The inventory of homes priced from $1.5 million to $1,999,999 increased by three units to end February with 17. Pending sales fell from 12 during January to 10 during February. This price range accounted for 63% of both pending sales and inventory. A 1.7 month supply was available at the end of February, up from a 1.2 month supply at the end of January.
The inventory of homes priced at $2 million or more remained somewhat high at seven at the end of February. That was one less than at the end of January. The average for all of 2015 was less than five homes and that included one month when 13 properties were on the market in this segment. Three sales went to contract during February, one more than in January. The increase in pending sales cut supply form 8.0 months at the end of January to 2.3 months at the end of February.