Month-over-Month Changes

In November 2023, the Mountain View real estate market experienced several notable changes compared to October 2023:

  • Homes Sold: There were 17 homes sold, a decrease of 19% from 21 sales in October 2023.
  • Median Sale Price: There was a 2% increase in the median sale price, rising from $2,510,000 in October 2023 to $2,550,000 in November 2023.
  • Days on Market (DOM): The DOM remained steady at 8 days, unchanged from October 2023.
  • Percentage of List Price Received: Sellers received an average of 105% of their asking price, slightly down from 107% in October 2023.

Analysis

The Mountain View market in November 2023 indicates a slight cooling with fewer homes sold. However, the stable DOM and the increase in median sale prices suggest a continuing strong market, albeit with a bit less intensity than the previous month.

Year-over-Year Comparison

Comparing November 2023 to November 2022, the Mountain View market shows significant changes:

  • Homes Sold: An 89% increase, from 9 homes sold in November 2022 to 17 in November 2023.
  • Median Sale Price: A decrease from $2.73M in November 2022 to $2.55M in November 2023.
  • Days on Market: A decrease in DOM from 13 days in November 2022 to 8 days in November 2023.
  • Percentage of List Price Received: Sellers received 105% of their asking price in November 2023, up from 100% in November 2022.

Analysis

Year-over-year, the Mountain View market shows a significant increase in the number of homes sold, indicating a rise in market activity. The decrease in median sale price and DOM suggests a more buyer-friendly market compared to the previous year, with properties selling faster but at slightly lower prices.

Price Points and Quadrants

The sales data for November 2023 in Mountain View is broken down by quadrants:

  • Top Quadrant: 5 homes sold, Median Sale Price: $3,950,000, Median DOM: 9, Avg. $/Sq.Ft.: $1,494.
  • Second Quadrant: 4 homes sold, Median Sale Price: $2,735,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,737.
  • Third Quadrant: 4 homes sold, Median Sale Price: $2,192,506, Median DOM: 8, Avg. $/Sq.Ft.: $1,341.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $1,877,500, Median DOM: 18, Avg. $/Sq.Ft.: $1,653.

Analysis

The quadrant data reveals a balanced market across various price points in Mountain View. The top and second quadrants, representing higher-priced homes, show robust activity, indicating a strong demand for premium properties. The longer DOM in the bottom quadrant suggests a slower movement in this segment, providing opportunities for buyers looking for more affordable options.

Conclusion

The Mountain View real estate market in November 2023 demonstrated a dynamic landscape. While there was a decrease in the median sale price year-over-year, the market remains active with a significant increase in the number of homes sold. The data across different price quadrants offers insights for both buyers and sellers, highlighting the varied dynamics at play in different market segments.

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