Month-over-Month Changes

In March 2024, the Mountain View real estate market demonstrated substantial growth compared to February 2024:

  • Homes Sold: Increased dramatically by 100%, from 7 homes in February to 14 in March.
  • Median Sale Price: Slightly decreased by 2%, from $2,560,000 in February to $2,521,000 in March.
  • Days on Market (DOM): Slightly increased from 6 days in February to 7 days in March.
  • Percentage of List Price Received: Dropped slightly from 113% in February to 110% in March.

Analysis

The sharp increase in home sales alongside a slight decrease in median sale prices suggests a more active market with somewhat adjusted pricing to facilitate quicker sales. The slight increase in DOM and a decrease in percentage of list price received indicate a normalization in buying patterns after potentially overheated conditions.

Year-over-Year Comparison

Comparing March 2024 with March 2023, the market shows significant trends:

  • Homes Sold: Increased by 56% from 9 homes sold in March 2023 to 14 in March 2024.
  • Median Sale Price: Decreased from $2.70M in March 2023 to $2.52M in March 2024.
  • Days on Market: Decreased from 10 days in March 2023 to 7 in March 2024.
  • Percentage of List Price Received: Improved from 105% in March 2023 to 110% in March 2024.

Analysis

Year-over-year improvements in the number of homes sold and the percentage of list price received highlight a competitive market environment. The decrease in median sale price and DOM suggests that while the market is active, buyers are negotiating prices more effectively.

Price Points and Quadrants

Sales data by quadrants for March 2024 in Mountain View reveals:

  • Top Quadrant: Median Sale Price: $3,944,000; Median DOM: 4; Avg. $/Sq.Ft.: $1,822.
  • Second Quadrant: Median Sale Price: $2,587,500; Median DOM: 8; Avg. $/Sq.Ft.: $1,878.
  • Third Quadrant: Median Sale Price: $2,455,000; Median DOM: 7; Avg. $/Sq.Ft.: $1,572.
  • Bottom Quadrant: Median Sale Price: $2,150,000; Median DOM: 7; Avg. $/Sq.Ft.: $1,373.

Analysis

The quadrant analysis shows that the most expensive homes sell quickly, indicating robust demand for high-end properties. The relatively consistent DOM across lower quadrants suggests steady market conditions across various price ranges.

Conclusion

The Mountain View real estate market in March 2024 exhibited vibrant activity, with significant growth in sales volumes and adjustments in sale prices to match market demand. The healthy percentage over list price received across most sales points to a market where sellers can leverage strong buyer interest, but must price homes competitively to close deals efficiently. This dynamic market offers opportunities for both buyers and sellers to engage effectively, with different strategies tailored to varying segments of the market.

Data provided by MLS Listings and is deemed reliable but not guaranteed.