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Two of the clearest trends in the Mountain View homes market during 2014 were the speed at which homes sold and the consistent increase in initial asking prices. We’ll look at these two statistics and some others to learn how the market fared during the last calendar year.
Average days on the market
Looking back at homes that sold each month in Mountain View, we see them spending an amazingly short time on the market. Excluding an average days on the market (DOM) of 65 in January, in no month throughout the year did sold homes last more than three weeks. January’s number was an oddity, more than doubling the next-longest average DOM across the last two years 31 in December 2013.
For the 11 months of 2014 minus January, homes lasted an average of 15.2 days on the market, quite a short stay, even by Silicon Valley standards. March’s 10 days was the briefest DOM for the year.
List prices end on a high note
Throughout the year, 232 properties were sold with monthly median list prices ranging from $1,343,500 in January to $1,516,500 in December. While not an exact indicator, median for-sale price over a span of time points to the pricing trend in the market overall.
The list price of homes in December was the highest of any month throughout the year. The lowest was $1,195,000 in April. Interestingly, April was also the month with the most properties sold, at 29.
Sold prices hold steady
The prices buyers paid for homes in 2014 stayed fairly consistent. Median sold prices ranged from a low of $1,170,000 in January to a high in March of $1,625,000. The year ended with $1,414,500 in December. Here are the median sold prices for each quarter of 2014:
Q4 $1,514,296
Q3 $1,502,850
Q2 $1,351,833
Q1 $1,466,000
More Mountain View stats:
**The total number of properties sold (232) was 48 fewer than the 280 sold in 2013.
**In December, 18 homes were listed on the Multiple Listing Service
**The month-to-month average number of homes for sale in 2014 was 39.8.
**The month with the fewest homes sold was January (10) followed by December (11).
**The widest gap between list price and sold price came in March: median list $1,280; median sold $1,625,000.
As 2015 gets rolling, we can expect Mountain View homes to continue to be bought at a rapid pace and initial asking prices to continue their gradual upward trend. Also, don’t be surprised to see a shrinking number of available homes across all price ranges.
Hadar Guibara is a Realtor with Sereno Group of Palo Alto. She can be reached at hadar@serenogroup.com.
