Updated January 2021
The annual average median price increased slightly over last, however is 6% below the 2018 spike. No noticeable impact from Covid-related restrictions. The annual increase in the median price for Mountain View homes has averaged 7.0% per year since 1998 (CAGR).
Market demand for Mountain View homes remains strong. Average days on market remains at historically low levels. Final sales prices are slightly higher than list. Note that homes selling within the first week or two on market are selling for up to 15% over list.
The supply of new listings jumped significantly in 2020. while the number of actual closed sales remains consistent with prior years.
Mountain View homes start at $1.5M. The above chart shows the distribution single family residences by price range and number of bedrooms. 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 sold for an average of $1,310/sqft in 2020. The above chart shows both the distribution of home sizes and how the $ per SQFT varies. Each dot represents one closed sale during 2020.
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.
Final sales price vs. List price varies significantly by number of days on market. Homes selling during the first two weeks on market typically sell for over list, while homes on the market typically sell for under list. Buyers should plan on paying 5-10% over list in order to compete for the more desirable listings. Note: this is using the current list price, which may be after a price reduction.
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.