Month-over-Month Changes

In August 2023, Mountain View’s real estate market exhibited the following changes compared to July 2023:

  • Homes Sold: 25 homes were sold, marking a 19% increase from 21 sales the previous month.
  • Median Sale Price: Increased by 8% from $2,460,000 in July 2023 to $2,650,000 in August 2023.
  • Days on Market (DOM): Dropped to 8 days from 9 days in July 2023.
  • Percentage of List Price Received: Sellers received 107% of their asking price, up from 104% in July 2023.

Analysis

The month-over-month data indicates a market that is gaining momentum. The increase in homes sold and the higher percentage of list price received suggest that demand is robust. The decrease in DOM indicates a faster sales cycle, beneficial for sellers.

Year-over-Year Comparison

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

  • Homes Sold: Increased by 39%, from 18 to 25.
  • Homes Listed: Increased by 45%, from 20 to 29.
  • Median Sale Price: Decreased by 6% from $2,820,000 to $2,650,000.
  • Median Days on Market: Decreased from 13 to 8 days.
  • Average Dollar per Square Foot: Increased from $1,571 to $1,594.
  • Percentage of List Price Received: Increased from 101% to 107%.
  • Months of Inventory: Decreased from 0.7 to 0.6.

Analysis

Year-over-year, the market has seen an increase in the number of homes sold and listed, but a slight decrease in median sale prices. The faster sales cycle and higher percentage of list price received indicate a strong market, particularly for sellers.

Price Points and Quadrants

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

  • Top Quadrant: 7 homes sold, Median Sale Price: $3,610,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,478.
  • Second Quadrant: 6 homes sold, Median Sale Price: $3,095,000, Median DOM: 17, Avg. $/Sq.Ft.: $1,319.
  • Third Quadrant: 6 homes sold, Median Sale Price: $2,412,500, Median DOM: 8, Avg. $/Sq.Ft.: $1,740.
  • Bottom Quadrant: 6 homes sold, Median Sale Price: $2,125,000, Median DOM: 8, Avg. $/Sq.Ft.: $1,505.

Analysis

The data shows that all quadrants are active, but the top and third 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 August 2023 showed an increase in homes sold compared to the previous month and year-over-year. The increase in median sale price month-over-month 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.