Month over Month Changes

In October 2023, the Mountain View real estate market experienced some notable changes compared to September 2023:

  • Homes Sold: There were 21 homes sold in October 2023, showing an 11% increase from 19 sales in the previous month.
  • Median Sale Price: The median sale price remained stable with no significant change from the previous month.
  • Days on Market (DOM): The DOM for homes increased slightly to 8 days in October 2023, up from 7 days in September 2023.
  • Percentage of List Price Received: Sellers received an average of 107% of their asking price, a decrease from 110% in September 2023.

Analysis:

The Mountain View market in October 2023 indicates a slight uptick in sales volume, with a stable median sale price. The increase in DOM, albeit small, coupled with a slight decrease in the percentage of list price received, suggests a balancing market where buyers may find more negotiating room.

YearoverYear Comparison

Comparing October 2023 to October 2022, the Mountain View market shows the following year over year changes:

  • Homes Sold: Increased by 31%, from 16 in October 2022 to 21 in October 2023.
  • Homes Listed: Data not specified.
  • Median Sale Price: Decreased from $2.64M in October 2022 to $2.51M in October 2023.
  • Median Days on Market: Decreased slightly from 9 days in October 2022 to 8 days in October 2023.
  • Percentage of List Price Received: Increased from 104% in October 2022 to 107% in October 2023.
  • Months of Inventory: Decreased from 1.2 in October 2022 to 0.8 in October 2023.

Analysis:

The year over year data shows a significant increase in the number of homes sold, indicating a more active market. Despite a slight decrease in median sale prices, the increase in the percentage of list price received and a decrease in DOM and months of inventory point towards a market favoring sellers, with properties moving faster and close to or above asking prices.

Price Points and Quadrants

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

  • Top Quadrant: 6 homes sold, Median Sale Price: $3,557,500, Median DOM: 7, Avg. $/Sq.Ft.: $1,545.
  • Second Quadrant: 5 homes sold, Median Sale Price: $2,700,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,868.
  • Third Quadrant: 5 homes sold, Median Sale Price: $2,020,000, Median DOM: 20, Avg. $/Sq.Ft.: $1,395.
  • Bottom Quadrant: 5 homes sold, Median Sale Price: $1,790,000, Median DOM: 12, Avg. $/Sq.Ft.: $1,526.

Analysis: 

The quadrant data reveals a diverse range of activity across different price points. The top and second quadrants show robust sales with relatively higher prices and quicker sales times, indicating strong demand in these segments. The third and bottom quadrants, while active, show longer DOM, suggesting a more balanced market in these price ranges.

Conclusion

The Mountain View real estate market in October 2023 demonstrated a healthy increase in sales volume compared to the previous month and a significant yearoveryear increase. While the median sale price saw a slight decrease yearoveryear, the market dynamics, including a lower DOM and higher percentage of list price received, favor sellers. The quadrant analysis provides insightful trends for different market segments, highlighting the varied dynamics at play in Mountain View’s real estate landscape.

Data provided by MLSListings and is deemed reliable but not guaranteed.