Mountain View Real Estate Update: May 2011

Curious about real estate in Mountain View? 

Overall, sales are down compared to this time last year. However, inventory levels are down as well, so there is a direct correlation. We need inventory, especially in the single-family category. The numbers are divided into: Single-family homes and Condos/Townhomes.

Here are the latest statistics for May 2011:

Single-Family Homes (not including condominiums/townhouses)

Sales: 

• 20 homes were sold in May; 109 sold year-to-date. 
• Sales were 39.4 percent lower than May of last year 2010 and 2009
• Year-to-date sales dropped 7.3 percent compared to last year.

Inventory:

• 37 homes were for sale, 35.1 percent less compared to last year. 
• There is currently a 1.9 month supply of inventory for sale, lower than 2010 and 2009 levels.
• Average days on the market for sold properties was 18, 2.5 percent less days than last year.  Lowest level compared to May 2010 & 2009.

Prices:

• Median Sales Price was $1,086,000, an increase of 14.3 percent over last year.
• Average Sales Price was $1,121,611, an increase of 10.7 percent over last year.
• Average Sales Price was at the highest level compared to May 2010 and 2009.
• Sales Price versus List Price was 102.4 percent.
• Sold price per square foot was $591.

Condominiums/Town Homes

Sales: 

• 28 homes were sold in May; 112 sold year-to-date. 
• Sales were up 1.8 percent compared to May of last year, but still lower than 2010 and 2009. 
• Year-to-date sales increased 1.8 percent compared to last year.

Inventory:

• 58 homes were for sale, 33.3 percent less than last year. 
• There is currently a 2.1 month supply of inventory for sale, lower than 2010 and 2009 levels.
• Average days on the market for sold properties was 39, 14.7 percent more day compared to last year. Mid-level compared to May 2010 and 2009.

Prices:

• Median Sales Price was $494,000, a decrease of 0.8 percent over last year.
• Average Sales Price was $482,228, a drop of 6.2 percent over last year.
• Average Sales Price was at the lowest level compared to May 2010 and 2009.
• Sales Price versus Original List Price was 99.4 percent.
• Sold price per square foot was $392.

Questions/Comments? Leave a question or comment me below or contact me at susan.lewandowski@cbnorcal.com, via twitter at susan_lew, or by phone/text to 650-867-6257.