Updated June 2020
The supply of New Listing declined 15% during the first half of 2020, primarily due to shelter-in-place orders. Market demand remained very strong with continued historic lows for days on market. Final sales prices continued their decline and are now 1.5% over list. The YTD median price declined 10% from 2019 and is now slightly lower than 2017.
Mountain View Condos and Townhomes are in very high demand due proximity to Google and its fantastic downtown area on Castro. Note that the information below includes both Condos and Townhomes. Click on link to view additional information on the Mountain View Community and Schools.
Mountain View Condos start at $600K. The chart above shows the distribution of prices by number of bedrooms for Condos sold in 2019.
The Annual Median Price declined significantly (10%) during the first half of 2020. I expect this to rebound slightly during the second half of 2020. The Annual Median Price for Mountain View condos has averaged 7.0% per year since 1998 (CAGR).
Market demand for Mountain View Condos declined in 2019. The Average Days on Market (red line) jumped, but is still at historic low levels. The average annual Sales vs. List Price declined to around 1.5% from 14% in 2018. This says that Mountain View Condos are selling quickly, but with fewer offers driving up the final sales price.
The supply of New Listings (blue line) is down significantly (15%) during the first half of 2020, due to Covid. The number of Sales (red line) dropped dramatically due to Covid. The chart above is showing annualized numbers for 2020.
The final Sales Price vs List Price varies greatly by length of time on market. Condos selling during the first two weeks sell for up to 20% over List. While listings on the market longer are selling for below list. Note: this shows current list price, after any price reductions.
The average $/SQFT was $944/SQFT during 2019. The scatter chart above shows how the actual $/SQFT varies for Condos sold in 2019.
The second quarter Quarterly Median Price shows a return to pre-Covid values. Mountain View Condos prices leveled-off starting in 2018 after six years of strong appreciation.
The Monthly Median Prices for Mountain View Condos provides more insight into the ebb and flow of the market. Keep in mind that the fluctuation may be due to a change in the mix of condos selling in a particular month, not necessarily changes in home values.
The average Monthly Days on Market is noticeable longer than recent years. The spikes are typically in Dec-Jan during the slowest time of the year.
The monthly Sales vs. List Price percentage has declined significantly in mid-2018. The monthly average is now around 5% compared to 15-20% in the first half of 2018. This reflects fewer competing offers driving up the final sales price.
The Supply of New Listings for condos in Mountain View has been fairly consistent since 2012. Note the seasonality with December typically being the low-point during the year.
The Inventory of Active listings jumped dramatically in June and are now at the highest levels since 2012.
The number of Sales is on the decline from prior years.
Source: The data above is obtained directly from MLSlistings, the multiple listing service (MLS) serving Santa Clara and San Mateo counties. The information is deemed to be accurate, however is not guaranteed.