Month-over-Month Changes

In April 2024, the Mountain View real estate market exhibited several changes compared to March 2024:

  • Homes Sold: 29 homes were sold, marking a significant increase of 107% from the 14 sales in March 2024.
  • Median Sale Price: The median sale price rose by 9% from $2,521,000 in March 2024 to $2,750,000 in April 2024.
  • Days on Market (DOM): The average DOM increased slightly from 7 days in March 2024 to 8 days in April 2024.
  • Percentage of List Price Received: Sellers received an average of 113% of their asking price in April 2024, up from 110% in March 2024.

Analysis

The month-over-month data indicates a robust improvement in the Mountain View real estate market. The substantial increase in homes sold and the rise in the median sale price suggest a strong demand. Despite the slight increase in DOM, the high percentage of list price received shows that buyers are willing to pay above asking prices, reflecting a competitive market environment.

Year-over-Year Comparison

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

  • Homes Sold: There was a 123% increase in homes sold, with 29 homes sold in April 2024 compared to 13 in April 2023.
  • Homes Listed: The number of homes listed increased from 26 in April 2023 to 37 in April 2024.
  • Median Sale Price: The median sale price experienced a slight decrease from $2.81 million in April 2023 to $2.75 million in April 2024.
  • Average Dollar per Sq. Ft.: The average dollar per square foot rose by 14% from $1,676 in April 2023 to $1,908 in April 2024.
  • Days on Market (DOM): The median DOM remained relatively stable, increasing marginally from 7 days in April 2023 to 8 days in April 2024.
  • Percentage of List Price Received: Increased from 106% in April 2023 to 113% in April 2024.
  • Months of Inventory: Remained steady at 1.5 months for both years.

Analysis

Year-over-year, the Mountain View market has shown substantial growth in the number of homes sold and listed, indicating a higher inventory turnover. The slight decrease in median sale price could suggest a stabilization in pricing, possibly due to the increased inventory. The rise in average dollar per square foot and the percentage of list price received point to a strong demand that supports higher valuations. The stable DOM and months of inventory suggest a balanced market with consistent buyer activity.

Price Points and Quadrants

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

  • Top Quadrant: 8 homes sold, Median Sale Price: $3,430,000, Median DOM: 6, Avg. $/Sq.Ft.: $1,780.
  • Second Quadrant: 7 homes sold, Median Sale Price: $2,800,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,797.
  • Third Quadrant: 7 homes sold, Median Sale Price: $2,300,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,598.
  • Bottom Quadrant: 7 homes sold, Median Sale Price: $2,025,000, Median DOM: 16, Avg. $/Sq.Ft.: $1,867.

Analysis

The data shows that the top and second quadrants are particularly active, with higher median sale prices and lower days on market, indicating strong demand in these segments. The bottom quadrant, while having a higher median DOM, shows a significant average dollar per square foot, suggesting niche demand in specific price ranges. Overall, the higher-priced homes are moving quickly, indicating a strong seller’s market for these properties.

Conclusion

The Mountain View real estate market in April 2024 demonstrated notable growth in home sales and stability in pricing compared to both the previous month and the same period last year. The high demand across various price points, especially in the higher-priced segments, suggests a vibrant and competitive market. Buyers and sellers alike can gain valuable insights from these trends, highlighting the dynamic nature of the real estate market in Mountain View.

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