Month-over-Month Changes

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

  • Homes Sold: There was a decrease in homes sold, with 15 homes sold in December 2023 compared to 18 in November 2023, marking a 17% decrease.
  • Median Sale Price: The median sale price decreased by 22%, from $2,637,500 in November 2023 to $2,050,000 in December 2023.
  • Days on Market (DOM): The DOM remained steady at 8 days, unchanged from November 2023.
  • Percentage of List Price Received: Sellers received an average of 106% of their asking price in December 2023.

Analysis

The Mountain View market in December 2023 showed a cooling trend with a decrease in the number of homes sold and a significant drop in the median sale price. However, the stable DOM and high percentage of list price received indicate continued buyer interest and a competitive market.

Year-over-Year Comparison

Comparing December 2023 to December 2022, the Mountain View market showed the following changes:

  • Homes Sold: A slight decrease of 6% in homes sold (15 homes in December 2023 vs. 16 in December 2022).
  • Median Sale Price: The median sale price decreased from $2.34M in December 2022 to $2.05M in December 2023.
  • Days on Market: The DOM remained constant at 8 days.
  • Average Dollar per Sq. Ft.: Increased significantly from $1,322 in December 2022 to $1,828 in December 2023.

Analysis

Year-over-year, the Mountain View market has seen a decrease in the number of homes sold and a reduction in median sale prices. However, the substantial increase in the average dollar per square foot suggests that property values remain strong.

Price Points and Quadrants

The sales details for December 2023 in Mountain View were broken down by quadrants:

  • Top Quadrant: 4 homes sold, Median Sale Price: $2,607,500, Median DOM: 12, Avg. $/Sq.Ft.: $1,784.
  • Second Quadrant: 4 homes sold, Median Sale Price: $2,500,500, Median DOM: 10, Avg. $/Sq.Ft.: $1,913.
  • Third Quadrant: 4 homes sold, Median Sale Price: $1,767,500, Median DOM: 8, Avg. $/Sq.Ft.: $1,690.
  • Bottom Quadrant: 3 homes sold, Median Sale Price: $1,350,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,530.

Analysis

The data indicates that homes across all quadrants are selling, with the top and second quadrants showing higher median sale prices and average dollars per square foot. This suggests a diverse market where different price points are finding buyers.

Conclusion

The Mountain View real estate market in December 2023 demonstrated a decrease in the number of homes sold and a reduction in median sale prices compared to the previous year. Despite these changes, the market remains competitive, as evidenced by the steady DOM and high percentage of list price received. The quadrant data reveals a balanced market catering to various price points, with higher-priced homes showing strong value.

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