Snapshot and 30-day Trend: April 2017
As the weather heated up in April, so did the real estate market in the Silicon Valley. Sales and prices increased (14% and 4%, respectively), while inventory and days on market decreased 5% each. Four cities (Los Altos, Menlo Park, Mountain View and Sunnyvale) had less than a month’s supply available at the end of April. Homes took an average of only 17 days to sell during April – 20 days is generally considered to be a hot market.
The median sales price increased 4% across the region but half the cities had gains and half losses. Menlo Park, Mountain View Saratoga and Sunnyvale posted gains, while Los Altos, Los Altos Hills, Los Gatos/Monte Sereno and Palo Alto showed losses. The sales price to list price ratio was virtually unchanged but, again, it depended on where you looked. The ratio fell a little in Los Altos, Menlo Park and Palo Alto and increased elsewhere.
275 homes were actively listed at the end of April, down 5% from March and 29% lower than a year ago. However, only three cities accounted for the change from March. Los Altos lost nearly half its inventory, Menlo Park 29% and Sunnyvale 24%. Los Altos Hills had the biggest gain at 17%.
The beach communities of Aptos, Santa Cruz and Capitola also saw activity increase in April. Inventory increased 9%, with Aptos and Capitola leading the way. Sales increased 21%, driven entirely by Santa Cruz’s 46% jump, offset by a 40% drop in Capitola.
Time on the market fell from 38 days in March to 24 in April, while supply relative to sales was down slightly to 2.0 months.
The median sales price fell about 1% from March, primarily due to a 12.6% decline in Capitola. Sales were up 21%, from 52 in March to 63 in April. Santa Cruz was the engine in sales, increasing by 12 units (46%).