Month-over-Month Changes

In May 2024, the Mountain View real estate market exhibited notable shifts compared to April 2024:

  • Homes Sold: There were 33 homes sold, a 10% increase from 30 sales in the previous month.
  • Median Sale Price: The median sale price remained stable with no significant change.
  • Days on Market (DOM): The average DOM rose slightly from 8 days in April to 9 days in May 2024.
  • Percentage of List Price Received: Sellers received an average of 108% of their asking price in May 2024, a decrease from 113% in April 2024.
  • Months of Inventory: The months of inventory decreased to 0.7 from 0.9 in April 2024.

Analysis

The month-over-month data indicates a stable yet active market in Mountain View. The increase in the number of homes sold suggests strong demand, while the steady median sale price points to a balanced market. The slight rise in DOM and the decrease in the percentage of list price received indicate a slight cooling, potentially offering more negotiation leverage for buyers. However, with a low inventory, the market remains competitive.

Year-over-Year Comparison

Comparing May 2024 to May 2023, the following changes were observed:

  • Homes Sold: Increased by 32%, from 25 to 33.
  • Median Sale Price: Increased from $2.50M to $2.75M.
  • Average Dollar per Sq. Ft.: Increased from $1,591 to $1,677.
  • Median Days on Market (DOM): Increased slightly from 8 days to 9 days.
  • Percentage of List Price Received: Remained stable at 108%.
  • Months of Inventory: Decreased from 0.9 to 0.7.

Analysis

Year-over-year, the Mountain View market has shown robust growth. The significant increase in homes sold and the rise in median sale price highlight a strong seller’s market, with buyers willing to pay higher prices. The consistent percentage of list price received indicates ongoing demand, while the decrease in inventory underscores the market’s competitive nature. The slight increase in DOM suggests that while homes are selling quickly, the pace has stabilized somewhat compared to last year.

Price Points and Quadrants

The sales details for May 2024 were broken down by quadrants:

  • Top Quadrant: 9 homes sold, Median Sale Price: $3,650,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,565.
  • Second Quadrant: 8 homes sold, Median Sale Price: $2,800,001, Median DOM: 8, Avg. $/Sq.Ft.: $1,794.
  • Third Quadrant: 8 homes sold, Median Sale Price: $2,525,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,625.
  • Bottom Quadrant: 8 homes sold, Median Sale Price: $2,020,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,449.

Analysis

The data shows a balanced activity across all price quadrants, with the top and second quadrants seeing the highest median sale prices. The consistent median DOM across the top three quadrants suggests strong demand for higher-priced homes. The bottom quadrant’s higher DOM indicates a slower pace for lower-priced homes, which might provide more opportunities for buyers looking for more affordable options.

Conclusion

The Mountain View market in May 2024 showed a dynamic and competitive environment with increasing home sales and stable pricing. The year-over-year comparison highlights significant growth, especially in the higher price segments, affirming the area’s desirability. The quadrant analysis provides valuable insights, showing strong movement in the higher price brackets, while more affordable homes have a slightly slower turnover.

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