- Pending sales steady
- Inventory falls
- Prices steady
- Days on market very low
In many ways, May was a repeat of April in the Sunnyvale real estate market. Even though inventory is relatively high, it is still a seller’s market. That being said, the market is not like it was a year ago, or even six months ago. Depending on the list price, most homes are not seeing more than two or three offers. If a property is priced close to where it should sell, it can take 30 days or to sell. If it’s priced below where it should sell, it will usually take 7-8 days, depending on the condition and the location.
The median sales price fell for the third consecutive month in May, although that was after posting an all-time high in February, so there is no need to panic. Furthermore, the median price has been higher year-over-year for 49 straight months. The rate of year-over-year increase has slowed from double to single digits in recent months.
May’s median sales price was $1,505,000, a loss of $8,500 from April’s $1,513,500 but a gain of $53,000 (3.7%) from a year ago. The price per square foot increased $4 to $936 in May. That was $45 higher than in May 2015. On average, homes sold for 108.5% in May, down from 109.8% in April and 116% a year ago.
71 sales closed in May, seven more than in April and tow more than in May 2015. May was the fourth consecutive month with an increase in closed sales.
65 sales went to contract in May, unchanged from April and three less than a year ago. Inventory fell by 17 units to end May with 91 properties actively listed. 87 homes were on the market a year ago. Inventory relative to pending sales fell from 1.7 months at the end of April to 1.4 months at the end of May
Days on the market remained below 20 for the fourth straight month at 12, unchanged from April and two more days than a year ago.
Analysis by Price Range
The inventory of homes priced under $1 million fell in May, while sales remained constant. 15 properties were actively listed at the end of May, down four from 19 at the end of April. Pending sales were unchanged at 17. That left less than a one month supply (0.9 months) at the end of May, compared to 1.12 months at the end of April. This segment accounted for 17% of inventory and 26% of pending sales.
Six fewer homes priced from $1 million to $1,499,999 were for sale at the end of May (36) than at the end of April (42). Pending sales increased by one to 26 during May. A 1.4 month supply was available at the end of May, down from 1.7 months at the end of April. 40% of both inventory and pending sales were in this price range.
Both inventory and sales of homes priced at or above $1.5 million fell in May. Inventory lost seven units to end May with 40. Pending sales fell by one to 22 in May. Supply fell from 2.0 months at the end of April to 1.8 months at the end of May. 44% of Sunnyvale’s inventory and 34% of its pending sales were priced at $1.5 million of more.