Mountain View, home to Google, is a very desirable community with convenient access to freeways and CalTrain and a fun downtown area on Castro Street.
Mountain View homes primarily fall into the $1.5M to $3.0M price range. The above chart shows the distribution single family residences by price range.
The annual average median price jumped 17.8% in 2018 after a 14.8% increase in the prior year. Prices rose 14% to 16% during 2012-15. The annual increase in the median price for Mountain View homes has averaged 7.7% per year since 1998 (CAGR). Note that the only decline in prices over the past 20 years was during the Great Recession (18%).
The above scatter chart shows both the distribution of home sizes and how the $ per SQFT for Mountain View homes varies. Each dot represents one closed sale during 2017.
Market demand for Mountain View homes is at a 20-year high. Average Days on Market are at all-time lows and the final sales vs. list price is also at historic highs. Demand is expected to remain high for the foreseeable future.
This scatter chart shows how the annual average final sales vs. list price of 10.4% varies, especially when a home sells within 10 days on market. compares to the current list price.
The annual supply of new listings for Mountain View homes has declined by about 35-40% over the past ten years. Existing homeowners are just not moving as quickly.
A view of the quarterly median price provides some insight to how the current market is moving, while smoothing out the monthly variations.
This monthly view of median prices for Mountain View homes provides more insight into the ebb and flow of our real estate market. Keep in mind that the fluctuation may be due to a change in the mix of homes selling in a particular month, not necessarily changes in home values.
The inventory of Active listings is significantly lower due to reduced supply of new listings and strong market demand that results in homes selling quickly. Note the seasonality with Dec-Jan being the lowest months.
The monthly supply of new listings for homes in Mountain View. Note the seasonality with December typically being the low-point during the year. The “high-season” for new listings is typically Feb-Apr.
This Days on Market chart shows the monthly average for Mountain View homes sold. The spikes are typically in Dec-Jan during the slowest time of the year.
The monthly average sales price over/under list price percentage provides a little more insight into how the current real estate market is moving.
Interestingly the monthly number of Closed Sales appears to be relatively consistent over the past 6 years.
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.