Month-over-Month Changes

In February 2024, the Mountain View real estate market witnessed significant shifts when compared to January 2024:

  • Homes Sold: The number of homes sold decreased to 7, a 42% drop from 12 sales in January.
  • Median Sale Price: There was a 6% increase in the median sale price from $2,415,000 in January to $2,560,000 in February.
  • Days on Market (DOM): The average days on market decreased to 6 from 11 in January, indicating a faster sales process.
  • Percentage of List Price Received: Sellers received an impressive 113% of their asking price, up from 105% in January.

Analysis

The data suggests a tightening market with fewer homes sold but at higher prices. The significant decrease in DOM combined with sellers receiving a higher percentage of their asking price highlights a competitive environment, likely driven by limited inventory and strong demand.

Year-over-Year Comparison

Comparing February 2024 with February 2023, we observe the following trends:

  • Homes Sold: There was a 50% decrease in the number of homes sold, from 14 in February 2023 to 7 in February 2024.
  • Median Sale Price: The median sale price showed a slight decrease of 1% from $2.60M in 2023 to $2.56M in 2024.
  • Days on Market: The median DOM decreased significantly, from 11 days in February 2023 to 6 in February 2024.
  • Percentage of List Price Received: Sellers received a higher percentage of their list price, with an increase from 101% in February 2023 to 113% in February 2024.
  • Months of Inventory: Increased substantially from 0.5 months in February 2023 to 1.9 months in February 2024, indicating more available inventory.

Analysis

Year-over-year, the market has experienced a slowdown in sales volume but has become more competitive for the properties that are listed. The increase in the percentage of the list price received and the decrease in DOM indicate that, while fewer homes are being sold, those that hit the market are selling quickly and for above asking price.

Price Points and Quadrants

The sales details for February 2024, broken down by quadrants, are as follows:

  • Top Quadrant: 2 homes sold, Median Sale Price: $3,990,000, Median DOM: 11, Avg. $/Sq.Ft.: $1,260.
  • Second Quadrant: 2 homes sold, Median Sale Price: $2,785,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,574.
  • Third Quadrant: 2 homes sold, Median Sale Price: $2,335,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,940.
  • Bottom Quadrant: 1 home sold, Median Sale Price: $1,600,000, Median DOM: 134, Avg. $/Sq.Ft.: $1,593.

Analysis

The breakdown by quadrants reveals that the top and second quadrants are seeing relatively quicker sales with substantial median sale prices, indicating that demand remains strong for higher-priced homes. The bottom quadrant, while seeing the least activity, still manages to fetch a respectable price per square foot.

Conclusion

The Mountain View real estate market in February 2024 showed a decrease in the volume of sales compared to the previous month and year-over-year. However, the significant increase in median sale price month-over-month, a decrease in DOM, and sellers receiving a higher percentage of their asking price year-over-year indicate a competitive market, particularly for sellers. The quadrant data offers valuable insights for both buyers and sellers, showing that higher-priced homes are particularly sought after, making Mountain View an active and dynamic market.

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