Month-over-Month Changes

In January 2024, the Mountain View real estate market experienced several notable changes compared to December 2023:

  • Homes Sold: There was a decrease in the number of homes sold, with 12 homes sold in January, marking a 20% decrease from 15 sales in December.
  • Median Sale Price: The median sale price saw a significant increase, rising by 18% from $2,050,000 in December 2023 to $2,415,000 in January 2024.
  • Days on Market (DOM): The average time homes spent on the market before selling increased to 11 days in January, up from 8 days in December.
  • Percentage of List Price Received: Sellers received an average of 105% of their asking price in January, a slight decrease from 106% in December.

Analysis

The Mountain View market in January shows a cooling in terms of sales volume but an increase in median sale prices, indicating that while fewer homes are being sold, the market remains competitive, with homes selling for more than their listing price on average. The slight increase in DOM suggests a slight shift towards a more balanced market, though sellers still enjoy a strong position.

Year-over-Year Comparison

Comparing January 2024 to January 2023, we observe the following trends:

  • Homes Sold: Increased by 33%, from 9 homes sold in January 2023 to 12 in January 2024.
  • Median Sale Price: Saw a substantial increase of 22%, from $1.98M in January 2023 to $2.42M in January 2024.
  • Days on Market: Decreased significantly, from 22 days in January 2023 to 11 days in January 2024.
  • Percentage of List Price Received: Improved, with sellers receiving 105% of their asking price in January 2024, up from 101% in January 2023.
  • Months of Inventory: Decreased from 1.1 months in January 2023 to 0.9 months in January 2024, indicating a tighter market.

Analysis

Year-over-year data highlights a robust market with increased sales activity, higher sale prices, and faster sales cycles. The increase in the percentage of list price received and the decrease in months of inventory further underscore a strong seller’s market in Mountain View.

Price Points and Quadrants

The January 2024 sales data by quadrants reveal:

  • Top Quadrant: 3 homes sold, Median Sale Price: $3,030,000, Median DOM: 13, Avg. $/Sq.Ft.: $1,591.
  • Second Quadrant: 3 homes sold, Median Sale Price: $2,490,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,721.
  • Third Quadrant: 3 homes sold, Median Sale Price: $2,300,000, Median DOM: 23, Avg. $/Sq.Ft.: $1,864.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $1,560,000, Median DOM: 43, Avg. $/Sq.Ft.: $1,347.

Analysis

The distribution of sales across the quadrants indicates a balanced market activity across various price points. However, the top and second quadrants show a quicker turnover, suggesting higher demand in these price ranges. The third and bottom quadrants, while active, indicate a slower pace, possibly due to higher pricing or specific market conditions affecting these segments.

Conclusion

The Mountain View real estate market in January 2024 demonstrated a dynamic landscape with a decrease in sales volume but an increase in median sale prices and a competitive market environment. The year-over-year comparison shows a market that is growing stronger, with faster sales cycles and higher prices. The quadrant data offers insights into which segments of the market are most active, providing valuable information for both buyers and sellers. As the market continues to evolve, staying informed on these trends is crucial for making informed real estate decisions.

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