- Pending sales continue to climb
- Inventory up a little
- Prices steady
- Days on market very low
The Sunnyvale real estate market continues to be hot. Just about every statistic there is showed the strength in the market here in April. Homes sold quickly, there were more sales and inventory, and prices remained firm. There is a dynamic in the market that is not readily evident in the numbers. Not all homes are seeing the same level of activity and pricing is the key. Sellers who price their homes aggressively low are seeing much more activity than those who price their where they “should be.” Homes priced lower are getting multiple offers and selling quickly, often in about a week. Other homes are still seeing a lot of foot traffic but getting fewer offers and taking longer to sell.
The median sales price in April was $1,513,500, which was off 2.4% or $36,000 from March but 6.6% higher than April 2015’s $1,420,000. April was only the second month in the past 18 months that the median sales price was not at least 10% higher than a year earlier. Sales closed in April for 109.8% of the list price, up slightly from 108.2% in March but below April 2015’s 116%. The price per square foot increased from $885 in March to $932 in April. That was $79 higher than a year ago.
64 sales closed in April, 15 more than in March but seven less than in April 2015. April 2016 had the most closed sales of any month in the past year.
Pending sales continued to climb as well in April, from 48 in March to 61 in April. That was, however, eight less sales than a year ago. Inventory, which hit a nearly three year high in March, increased by four units in April, to end the month at 118. Supply relative to sales was cut again in April, from 2.4 months at the end of March to 1.9 months at the end of April. April 2015 ended with a 1.4 month supply of homes for sale.
Closed sales in April were on the market an average of 12 days, four less than in March and one less than a year ago.
Analysis by Price Range
27 properties priced below $1 million were actively listed at the end of April, one more than at the end of March. Pending sales also increased by one unit to 12 during April. That meant the relative supply was little changed at 2.25 months at the end of April. 23% of Sunnyvale’s inventory at the end of April and 20% of the sales that went pending during the month were priced below $1 million.
48% of pending sales were priced from $1 million to $1,499,999 in April, along with 36% of inventory. Pending sales increased from 21 in March to 29 in April. Inventory increased by two homes to end April with 43. A 1.5 month supply was available at the end of April, down from 2.0 months at the end of March.
The high end of the market in Sunnyvale continues to grow. A couple of year ago, only 10% of the city’s inventory was priced at or above $1.5 million. That mix was 41% in April. 48 properties were on the market in this segment at the end of April, one more than at the end of March. A third of all pending sales were in this category as well in April, compared to just 4% two years ago. 20 sales went to contract during April, four more than in March. There was a 2.4 month supply of these homes at the end of April, down from 2.9 months at the end of March.