Mountain View Real Estate activity was mixed last month. Single-family homes dropped a significant 39%, with 22 closings in August vs. 36 in July. Condo / townhouses sales were flat at 30 closings in August compared to 31 in July. Although the total number of Mountain View single-family homes sold was down in August, the median price increased slightly to $996,500 from $957,552 in July. The medium home price of condos / townhouses increased 10.6% ($580,000 from $518,250).
With only 22 single-family homes closings, this is the first drop in units sold since May 2011. We could be seeing the end of the 2011 sales cycle. It was encouraging to see an increase in median home price, even with the drop in deals. We believe this is indicative of homes in better condition selling at a premium, with the Sales Price versus List Price remaining at over 100%.
However, we could also be starting to see a shift in the Mountain View real estate market. With a drop in single-family home sales and a consistency in condo / townhouse sales, overall affordability may be becoming an issue in Mountain View. With the median sales price close to $1 million for single-family homes, Mountain View is clearly an affluent community. For anyone who still wants to live in this community and doesn't have $250,000 for the down payment and the ability to obtain a $750,000 loan, they are left to only look at only condos and townhouses.
With this shift, I expect condo sales to be strong for the balance of 2011 leading in to 2012. This opinion is affirmed by the increase in median sales price for condos/townhouses which have gone up each month since February 2011. We’ve also seen a steady increase in Sales Price versus List Price which is now at 99.15%.
In closing, we suggest to any Mountain View condo / townhouse homeowner, who might be considering the sale of their home, now could be a great time to move forward a sale. Be sure you take the time to prepare your home for the market (clean out, paint etc.), price the home correctly, and you should be rewarded with a quick sale.
- New listings – 27
- Active – 47 versus 46 in July
- Closed sales – 22 versus 36 last month
- Current Average Days on Market – 41 days
- Median Sale Price – $996,500
- Percent List Price received – 100.18%
Condos / Townhouses
- New listings – 31
- Active – 85 versus 88 in July
- Closed sales – 31 versus 30 last month
- Current Average Days on Market – 45 days
- Median Sale Price – $580,000
- Percent List Price received – 99.15%