Month-over-Month Changes

In September 2023, the Mountain View real estate market experienced some shifts compared to August 2023:

  • Homes Sold: 18 homes were sold, marking a 31% decrease from 26 sales the previous month.
  • Median Sale Price: Decreased by 5% from $2,625,000 in August 2023 to $2,505,000 in September 2023.
  • Days on Market (DOM): Dropped to 7 days from 8 days in August 2023.
  • Percentage of List Price Received: Sellers received 110% of their asking price, up from 107% in August 2023.

Analysis

The month-over-month data indicates a market contraction, with fewer homes sold and a decrease in median sale price. However, homes are still selling quickly, and sellers are receiving more than their asking price, suggesting a market that remains favorable for sellers.

Year-over-Year Comparison

Comparing September 2023 to September 2022, the following changes were observed:

  • Homes Sold: Decreased by 28%, from 25 to 18.
  • Homes Listed: Decreased by 3%, from 29 to 28.
  • Median Sale Price: Increased from $2.15M to $2.51M, a 17% rise.
  • Median Days on Market: Decreased from 9 to 7 days.
  • Percentage of List Price Received: Increased from 102% to 110%.
  • Months of Inventory: Increased from 1.1 to 1.2.

Analysis

Year-over-year, the market has seen a decrease in the number of homes sold and listed, but an increase in sale prices and a faster sales cycle. This suggests a seller’s market where inventory is tight, but demand is high enough to drive up prices.

Price Points and Quadrants

The sales details for September 2023 were broken down by quadrants:

  • Top Quadrant: 5 homes sold, Median Sale Price: $3,700,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,577.
  • Second Quadrant: 5 homes sold, Median Sale Price: $2,550,000, Median DOM: 7, Avg. $/Sq.Ft.: $1,602.
  • Third Quadrant: 4 homes sold, Median Sale Price: $2,257,500, Median DOM: 7, Avg. $/Sq.Ft.: $1,385.
  • Bottom Quadrant: 4 homes sold, Median Sale Price: $1,932,500, Median DOM: 10, Avg. $/Sq.Ft.: $1,456.

Analysis

The data shows that all quadrants are active, but the top and second quadrants are seeing the most activity. This suggests that higher-priced homes are moving quickly, indicating a strong market for sellers in these price ranges.

Conclusion

The Mountain View market in September 2023 showed a decrease in homes sold compared to the previous month and year-over-year. However, the increase in median sale price year-over-year and the stable DOM indicate a strong market, particularly for sellers. The quadrant data provides valuable insights for both buyers and sellers, showing that higher-priced homes are particularly competitive.

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