RECAP OF 1ST QUARTER 2024
NUMBER OF SALES
There were 126 single-family homes sold through the Multiple Listing Service, 34 in the 1st quarter and 92 in the 2nd quarter. This compares to 97 sales in the 1st half of 2023 and 135 sales in the 1st half of 2022. The decline in sales is directly related to the few number of homes available for sale and definitely not because of low demand.
In addition to the 126 single-family home sales, there were a significant 140 condo/townhome sales compared to 105 in the same period last year. If you would like further details on condo/townhome sales this year, which are not included in this report, I would be happy to provide you my separate report on them or you can download a copy at davidtroyer.com/MVreport.
PRICES
Prices reached record highs. Both the median and average price increased slightly exceeding the previous records set in 2022 during the pandemic. The majority of all sales, 56%, were in the $2 million price range. There was one sale for more than $6 million and one sale for less than $1 million.
A significant 76% of the homes sold for more than list price – a clear indication of demand, and a far higher percentage than last year. The price per square foot in the 1st half was $1,734 – a new record high and 10% higher than all of last year.
LENGTH OF TIME TO SELL
Strong demand was also evidenced by how quickly homes sold. 73% sold in 2 weeks or less and 42% sold in one week or less. Only 16% took longer than 30 days to sell.
OUTLOOK
As I reported to you at the beginning of the year in my annual report (find it at DavidTroyer.com/MVReport), I anticipated a seller’s market for the first several months. Sales activity was low in the 1st quarter and then did not accelerate until the 2nd quarter when more homes became available for sale. At that time, I had also predicted that there would be a slower-than-usual 3rd quarter, attributing this to the unusual circumstances of a politically charged election, potentially keeping many buyers on the fence as they await the outcome. Based on the incredibly strong demand we have seen so far this year, I now expect the next several months to continue at this accelerated pace, although there may be a slowdown just before and after the election. My optimism prevails for Mountain View, especially for sellers.
Mountain View continues to be one of the most desirable places to live in the Bay Area. The presence of excellent schools, a vibrant downtown area, and its convenient location make it a smart investment for buyers, which is why property prices remain high.
With just 14 single-family homes actively for sale (and another 5 homes being privately marketed), now is an opportune time to list your home for sale with The Troyer Group. Our team has a proven track record of helping sellers prepare their homes for sale quickly and effectively, and we are committed to getting you your price or more. Please do not hesitate to contact us. You have nothing to lose.
PRICES
Prices reached record highs. Both the median and average price increased slightly exceeding the previous records set in 2022 during the pandemic. The majority of all sales, 56%, were in the $2 million price range. There was one sale for more than $6 million and one sale for less than $1 million.
A significant 76% of the homes sold for more than list price – a clear indication of demand, and a far higher percentage than last year. The price per square foot in the 1st half was $1,734 – a new record high and 10% higher than all of last year.
LENGTH OF TIME TO SELL
Strong demand was also evidenced by how quickly homes sold. 73% sold in 2 weeks or less and 42% sold in one week or less. Only 16% took longer than 30 days to sell.
OUTLOOK
As I reported to you at the beginning of the year in my annual report (find it at DavidTroyer.com/MVReport), I anticipated a seller’s market for the first several months. Sales activity was low in the 1st quarter and then did not accelerate until the 2nd quarter when more homes became available for sale. At that time, I had also predicted that there would be a slower-than-usual 3rd quarter, attributing this to the unusual circumstances of a politically charged election, potentially keeping many buyers on the fence as they await the outcome. Based on the incredibly strong demand we have seen so far this year, I now expect the next several months to continue at this accelerated pace, although there may be a slowdown just before and after the election. My optimism prevails for Mountain View, especially for sellers.
Mountain View continues to be one of the most desirable places to live in the Bay Area. The presence of excellent schools, a vibrant downtown area, and its convenient location make it a smart investment for buyers, which is why property prices remain high.
With just 14 single-family homes actively for sale (and another 5 homes being privately marketed), now is an opportune time to list your home for sale with The Troyer Group. Our team has a proven track record of helping sellers prepare their homes for sale quickly and effectively, and we are committed to getting you your price or more. Please do not hesitate to contact us. You have nothing to lose.
Rollover or click map to see more information for each area.
Rollover or click map to see more information for each area.
There were 9 sales in the 1st half, the same as in the 1st half of last year. Every home sold over list price and by as much as 28% more. The average and median price were each higher than they were last year. 7 of the 9 homes sold in 11 days or less.
Only 3 homes sold compared to 7 in the same period last year. One home sold for more than list price, one sold at list price, and one sold below list price. Both the average and median price were higher than all of last year.
There were 16 sales in the 1st half compared to 11 in the same period last year and 12 in the 1st half of 2022. Both the average and median price were down compared to last year, however demand was strong as evidenced by 11 of the homes selling over list price (including one represented by The Troyer Group).
There were 4 sales in this area, including 3 that were new construction, resulting in a much higher average and median price. The average price was up 44% compared to last year and the median price was up 47%. The resale home sold very quickly and for 11% more than list price.
13 homes sold in this area compared to just 8 in the same period last year. 9 of the homes sold for more than list price. Average and median price were significantly higher than last year and a new record sales price of $3,880,000 was reached. Median days on market was more than double last year.
There were just 4 sales in the 1st half compared to only 1 sale in the 1st half of last year and 10 in the 1st half of 2022. The average price was down less than 1% compared to last year but the median price was up 15%. All 4 homes sold for more than list price.
This popular area had the greatest number of sales for any area in Mountain View. There were 25 sales, compared to 17 in the same period last year, and 15 of them sold for more than list price. The average and median price were slightly higher than last year while still remaining in the $2.4 million price range.
Few homes were available for sale in this popular area that normally commands the most sales. There were 12 sales, 10 of which sold for more than list price. Only 3 homes took longer than 2 weeks to sell. The average price increased 8% compared to all of last year.
This high-demand area had 17 sales compared to 12 in the same period last year. 15 of the 17 homes sold over list price and only one home took longer than 18 days to sell. The average price was 10% higher than last year.
This area had almost double the number of sales as it did in the 1st half of last year – 23 sales compared to 12. All but one sale was for more than list price and only 3 homes took longer than 2 weeks to sell. Both the median and average price were higher than last year.
RECAP OF 1ST QUARTER 2024
NUMBER OF SALES
There were 140 condos/townhomes sold through the Multiple Listing Service, 49 in the 1st quarter and 91 in the 2nd quarter. This compares to 105 in the 1st half of 2023 and 165 sales in the 1st half of 2022. The decline in sales is directly related to the few number of homes available for sale and definitely not because of low demand.
In addition to the 140 condo/townhome sales, there were 126 single-family home sales. If you would like further details on single-family home sales this year, which are not included in this report, I would be happy to provide you my separate report on them or you can download a copy at davidtroyer.com/MVReport.
PRICES
The average price reached a record high at $1,307,514, representing a 3% increase since last year and the first time over $1.3 million.
66% of the homes sold for more than list price, compared to 52% in the same period last year. This includes 4 homes that sold for more than 22% over list price.
14 homes sold for $2 million or more and 48 homes sold for less than $1 million.
The average price per square foot in the 1st half was $992 – a new record high and a 3% increase from last year when it was $959 per square foot.
LENGTH OF TIME TO SELL
Strong demand was also evidenced by how quickly homes sold. 66% sold in 2 weeks or less and 44% sold in one week or less. Only 18% took longer than 30 days to sell.
Rollover or click map to see more information for each area.
Rollover or click map to see more information for each area.
This popular area tied for the highest number of sales in the 1st half at 32, only 11 of which were in the 1st quarter. 22 of the homes sold for more than list price. A record high sales price was reached at $2,120,000. There were just 7 sales for less than $1 million. Both the median and average price reached new record highs.
There were 5 sales compared to just 2 sales in the 1st half last year. 4 of the 5 sales were for more than list price and 3 sold in 9 days or less. Only 2 sales were for less than $1 million. The median price was up 13% from last year and the average was up 3%.
There were 28 sales in this area compared to just 17 sales in the same period last year. Only 8 of the sales were in the 1st quarter. 21 of the 28 homes sold for more than list price and 3 sold for list price. Only 7 homes took longer than 2 weeks to sell. This area had the lowest days on market of any area.
This in-demand area tied with North Shoreline for the second highest number of sales in the 1st half at 28. Only 11 homes sold in the 1st quarter. 19 of the homes, or 68%, sold for more than list price. Homes sold very quickly; only 5 homes took longer than 30 days to sell.
There are often no sales in this area and yet in the 1st half of this year there were 3 sales, 2 of which were new construction, thus the average and median prices reached record highs. The one sale that was not new construction sold at list price for $1.75 million.
This area tied with Whisman for the most number of homes sold. There were 32 sales in the 1st half compared to just 18 in the same period last year. 69% of the homes sold for more than list price, including the 5 most expensive homes. The average price was 7% higher than last year. Only 9 homes took longer than 3 weeks to sell.
There were 8 sales in this area compared to only 3 in the same period last year. 5 of the homes sold over list price, including the 3 most expensive sales. However, both the median and average prices were down slightly from last year.
There were no sales of condos/townhomes in this area in the 1st half. There have been no sales of condos/townhomes in this area since 2022 when the average price was $1,920,000.
209 MIRAMONTE
There were just 4 sales in the 1st half compared to 9 sales in the 1st half of last year. None of the homes sold for more than list price. The average price was 13% lower than it was last year. 3 homes sold in 19 days or less but one home, the most expensive, was on the market for 119 days.