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The median price of single-family homes in Mountain View has surged this year from $1,394,000 in January to $1,787,500 in August, a gain of 28 percent. Monthly price increases have happened in all but one of the seven months in this time period.
Here’s a look at the price trajectory since January.
**Jan.: $1,394,000
**Feb.: $1,505,000
**March: $1,525,000
**April: $1,835,000
**May: $1,860,000
**June: $1,870,000
**July: $1,565,000
**Aug.: $1,787,500
The average monthly median price for the first eight months of this year was $1,667,688. Compare this to the first eight months of 2014, when the monthly average was $1,424,318.
Across the last two years, the price peaked with the $1,870,000 recorded in June; the lowest price for Mountain View homes in the last 24 months was $1,100,000, which happened in September 2013. This represents a 70 percent gain in price over the two distinct months.
Days on the market are averaging under three weeks
Even with the escalating cost of homes, it’s still a strong seller’s market. Multiple offers are the norm, and many sellers are moving into escrow after listing periods that are amazingly short, even by Silicon Valley standards.
In July, the average days on the market for sold homes here was 29, which, when you look at the string of figures for other recent months, was virtually an exercise in heel-dragging. Aside from July, not one month since May 2014 saw sold homes sit on the market for more than 18 days.
From May 2014 through August of this year, the average days on the market for sold Mountain View homes was 15.1.
Slight rise in MSI
Though homes are selling fast, the overall inventory has been inching upwards over the last few months. Months’ Supply of Inventory (MSI) tells the length of time it would take to deplete the homes inventory in a given month based on the current sales pace and assuming no new properties appeared on the market.
In August, the MSI in Mountain View was 1.0, or a single month. Prior to that, it hit a two-year low of 0.5 in both March and April, before climbing to 0.6 in May, 0.7 in June and 0.8 in July.
A rise in inventory levels, however, likely won’t do a lot to slow down the pace of sales as long as Mountain View is considered a prime area for property investment and residential living.
Hadar Guibara is a Realtor with Sereno Group of Palo Alto. She can be reached at hadar@serenogroup.com.
