Updated June 2020
Market demand remains strong. The supply of new listings is equal to the prior year. And the YTD median price is virtually the same as last year.
Mountain View, home to Google, is a very desirable community with top schools, convenient access to freeways and CalTrain and a fun downtown area on Castro Street. Click here for more information about Mountain View community and its schools.
Mountain View homes start at $1.5M. The above chart shows the distribution single family residences by price range and number of bedrooms.
The annual average median price is virtually the same as 2019, which decreased 8% after a 17% spike in 2018. I expect 2020 to end-up with an increase over 2019 by year-end. The annual increase in the median price for Mountain View homes has averaged 6.9% per year since 1998 (CAGR).
Market demand for Mountain View homes declined in 2019. The average difference between the final sales price and the current list price also declined significantly from 7-10% over list to just 2.3% over list. Average Days on Market jumped from 15 days to 21 days, a 40% increase. Still a relatively strong and healthy market.
The supply of new listings for Mountain View homes continues to be relatively consistent at just under 300 homes per year. The number of sales is at historic lows, yet consistent with recent years.
The final sales vs. list price varies by time on market. Homes selling within the first week or two typically sell for up to 10% over list. After that, homes are selling for up to 7% below list. Note the shift in sales after 10 days to most being under the 10% over list line. This reflects a decline in the number of offers received and less need to bid-up the price.
The above chart shows both the distribution of home sizes and how the $ per SQFT varies. Each dot represents one closed sale during 2019.
The quarterly median price has been relatively stable since a jump in 2018. Definitely more of a plateau compared to 2012 to 2018.
This monthly view of median prices for Mountain View homes provides more detail, however fluctuations may reflect smaller number of sales due to seasonal cycles: holidays, school, summer vacations.
The monthly average days on market shows a significant increase starting in the summer of 2018. These levels are higher than we’ve seen over the past seven years.
The monthly average sales price over/under list price percentage shows the sharp decline starting in mid-2018 from 10-15% over list to under 5% over list.
The monthly supply of new listings for homes in Mountain View has been relatively constant (see Annual Supply chart above). Note the seasonality with December typically being the low-point during the year. The “high-season” for new listings is typically Feb-Apr.
The inventory of Active listings has been at 7-year highs during Apr-June. The supply of new listings remains constant, the increase in inventory reflects a lower market demand.
The number of Sales continues to decline during 2019. Given the supply of new listings is constant, this mostly reflects lower demand.
Sources: 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.