September continued some trends that started earlier this year in the Mountain View real estate market. Specifically, inventory was higher, homes were on the market longer and prices softened. The ratio of the sales price to list price was lower in September than any time since January 2012. On the other hand, pending sales increased for the second straight month and the median sales price increased after falling for three consecutive months.
The average sale during September was for 102% of the list price, down from 104% in August and 110% a year ago. September’s ratio was the lowest since January 2012’s 97%. September’s median sales price was $1,725,000, up 3.7% from $1,663,000 in August and 2.7% from $1,680,000 a year ago. The price per square foot was $1,043 in September, $16 below August’s $1,059 and $116 below September 2015’s $1,159.
INVENTORY AND SALES
Inventory, which has bounced around during 2016, was up again in September. 54 properties were actively listed at the end of September, compared to 41 at the end of August and 50 a year ago. Pending sales increased from 22 in August to 27 in September, the second straight monthly increase. 25 sales went to contract in September 2015. Closed sales, however, fell from 22 in August to 19 in September. Inventory relative to pending sales ticked up from 1.9 months at the end of August to 2.0 months at the end of September.
DAYS ON MArKET
The time homes remained on the market has increased each of the past three months. In June, the average sales closed in 10 days. That increased to 16 in July, 25 in August and 27 in September. One year ago, homes were on the market for an average of 16 days.
Inventory and Pending Sales by Price Range
Under $1.25 Million
The inventory of homes priced under $1.25 million increased from three at the end of August to five at the end of September, accounting for only 9% of Mountain View’s total. Three sales went pending during September, one more than in August. 11% of all sales were in this segment in September. A 1.7 month supply was available at the end of September, up from 1.0 month at the end of August.
$1.25 Million to $1,999,999
32 homes in the $1.25 to $1,999,999 price range were actively listed at the end of September, 10 more than at the end of August. 18 sales went to contract during September, two more than in August. That increased supply from 1.4 months at the end of August to 1.8 months at the end of September. 59% of inventory and 67% of pending sales were in this price range.
$2 Million and Above
The $2million and up segment accounted for 32% of Mountain View’s inventory at the end of September and 22% of pending sales during the month. 17 of these homes were actively listed at the end of September, unchanged from August. Six sales went pending during September, two more than in August. The supply was cut from 4.3 months at the end of August to 2.8 months at the end of September.
Check out these other Real Estate Market Conditions Reports for September 2016:
- Los Altos
- Los Altos Hills
- Los Gatos
- Menlo Park
- Mountain View
- Palo Alto
- Santa Cruz