RECAP OF THE FIRST HALF OF 2023
NUMBER OF SALES
There were just 97 single-family homes sold through the Multiple Listing Service, 32 in the 1st quarter and 65 in the 2nd quarter. This compares to 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 97 single-family home sales, there were a significant 105 condo/townhome sales.
PRICES
Despite the drop in sales, prices fell only slightly. Following two previous years of record-high prices, the average fell 3% to $2,659,924. The median price fell 2% to $2,550,000. The highest prices, as always, were in the Grant/Waverly Park area and Miramonte with Los Altos schools – each with an average price exceeding $3 million.
The number of sales over list price was impressive at 62, or 64%. The average price per square foot in the 1st half was $1,509 – down less than 1% from last year when it was $1,605.
LENGTH OF TIME TO SELL
Strong demand was evidenced by how quickly homes sold. 73% sold in 2 weeks or less and 43% sold in one week or less. Only 9% took longer than 30 days to sell.
OUTLOOK
As I reported to you this time last year, the market experienced a significant shift towards the end of the 1st half of 2022, primarily driven by stock market volatility, rising interest rates, and concerns about inflation. In my annual report in January of this year, I predicted strong demand from buyers, which has indeed materialized. As I also anticipated, sellers would remain cautious and very likely be inclined to wait until 2024 to sell.
Unforeseen weather conditions in the early part of this year and unsettling news in the banking industry further impacted the market this year. The current market is characterized by necessity rather than desire, with sellers compelled to sell due to life changes such as divorce, job transitions, or growing family size. I anticipate this trend to continue throughout the year.
Despite these changes in the market, 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 in Silicon Valley make it a smart investment for buyers, which is why property prices remain high.
With just 16 homes actively for sale (and another 3 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
Despite the drop in sales, prices fell only slightly. Following two previous years of record-high prices, the average fell 3% to $2,659,924. The median price fell 2% to $2,550,000. The highest prices, as always, were in the Grant/Waverly Park area and Miramonte with Los Altos schools – each with an average price exceeding $3 million.
The number of sales over list price was impressive at 62, or 64%. The average price per square foot in the 1st half was $1,509 – down less than 1% from last year when it was $1,605.
LENGTH OF TIME TO SELL
Strong demand was evidenced by how quickly homes sold. 73% sold in 2 weeks or less and 43% sold in one week or less. Only 9% took longer than 30 days to sell.
OUTLOOK
As I reported to you this time last year, the market experienced a significant shift towards the end of the 1st half of 2022, primarily driven by stock market volatility, rising interest rates, and concerns about inflation. In my annual report in January of this year, I predicted strong demand from buyers, which has indeed materialized. As I also anticipated, sellers would remain cautious and very likely be inclined to wait until 2024 to sell.
Unforeseen weather conditions in the early part of this year and unsettling news in the banking industry further impacted the market this year. The current market is characterized by necessity rather than desire, with sellers compelled to sell due to life changes such as divorce, job transitions, or growing family size. I anticipate this trend to continue throughout the year.
Despite these changes in the market, 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 in Silicon Valley make it a smart investment for buyers, which is why property prices remain high.
With just 16 homes actively for sale (and another 3 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, compared to 12 in the first half of last year. 5 homes sold over list price and 4 homes sold quite a bit less than list price. The average and median price were each higher than in the 1st half of last year and all of last year. The average price was up 5% since last year and the median price was up a significant 22%.
Sales were strong in the 1st half with 7 sales, only 2 of which sold for less than list price. Although prices were lower than they were in the same period last year, the average price was up 4% compared to all of 2022 and the median price was up 6%. The highest priced sale, at $2,965,000, sold for 8% over list price. 5 of the 7 homes sold in 16 days or less.
Sales were fairly consistent with the same period last year with 11 sales compared to 12. The average price was up a slight 2% but the median price was up a significant 9%. There were 5 homes that sold over list price, including the most expensive sale, which was 11% more than list price. Only one home took longer than 23 days to sell.
Like last year, there was just 1 sale in the 1st half. This home sold in the 1st quarter and sold for less than list price. Although very limited data, this price was 10% less than the average price of the 1st half of last year and 23% lower than all of last year.
8 homes sold in this area in the 1st half, one more than in the 1st half of last year. All but two sold for more than list price and the other two sold at list price. However, the average price was down 17% compared to last year and the median price was down 19%. Only one home took longer than 10 days to sell.
This area had the greatest decline in sales. There was just 1 sale in the 1st half compared to 10 in the same period last year. This sale, at $1,835,000, was 13% lower than the average price for all of last year. It did, however, sell over list price and in just 9 days.
This popular area had the second greatest number of sales for any area in Mountain View. There were 17 sales, 4 fewer than the same period last year, and 12 of them sold for more than list price. The average price, at $2,459,712, was 8% lower than it was in all of 2022, but the median price was 1% higher. The most expensive sale, at $4.5 million, sold for 5% more than list price.
More homes sold in this area in the 1st half than in any other area. Of the 19 sales, 15 of them sold for more than list price and 16 sold in the 2nd quarter. 5 homes sold in the $4 million price range, which kept the average price just about the same as last year and the median price 4% higher. Homes sold very fast; only 2 homes took longer than 16 days to sell.
This high-demand area had 12 sales compared to 13 in the same period last year. Half of the sales were over list price and all homes sold in less than 30 days. Both the average and median price were down 6% from last year.
This area had half the number of sales in the 1st half than it did in the 1st half of last year. Of the 12 sales, 8 sold for more than list price and only one took longer than 20 days to sell. The average price was just slightly lower than last year and the median price was down 5%.
RECAP OF THE FIRST HALF OF 2023
NUMBER OF SALES
There were just 105 condos/townhomes sold through the Multiple Listing Service, 46 in the 1st quarter and 59 in the 2nd quarter. This compares to 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 105 condo/townhome sales, there were 97 single-family home sales.
PRICES
Despite the drop in sales, the median price increased 5% compared to last year reaching a record high of $1,350,000. The average price was down just 1%, remaining above $1.2 million where it has been for the past 4 years.
Only 52% of the homes sold for more than list price, a far lower percentage than we have experienced in the last several years. This includes 5 homes that sold for more than 20% over list price.
One home sold for more than $2 million and 33 homes sold for less than $1 million.
The average price per square foot in the 1st half was $960 – a 3% decline from last year when it was $988 per square foot.
LENGTH OF TIME TO SELL
There were far fewer homes for sale, but they sold quickly. 74, or 70%, sold in 2 weeks or less and 40, or 38%, sold in one week or less.
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 26, 14 of which were in the 1st quarter. 13 of the homes sold for more than list price and 3 sold at list price. While not a record high, there was one sale for more than $2 million. There were also 10 sales for less than $1 million. The average price was down 11% compared to last year.
There were just 2 sales in the 1st half compared to 7 in the same period last year. The highest-priced sale, at $1,830,734, was 22% over list price and the other home was under list price at just $630,000. Consequently, the average price was down compared to last year, yet merely 2%.
There were 17 sales in this area compared to 28 in the same period last year. There was just 1 sale in the 1st quarter. 9 of the homes sold for more than list price and there were 6 sales for less than $1 million. 10 homes sold in less than 2 weeks but 2 homes were on the market for more than 100 days.
This in-demand area tied for the highest number of sales in the 1st half at 26. 16 of the homes, or 62%, sold for list price or more, including all of the 7 most expensive homes sold. Homes sold very quickly; only 2 homes took longer than 30 days to sell.
There are often 0 to 2 sales in this area and yet in the 1st half of this year there were 4 sales, 3 of which were new construction, thus the average price was up. There were no sales of condos/townhomes in 2022 in this area so the increase of 7% in average price is compared to 2021. The one sale that was not new construction did sell for 8% more than list price.
There were 18 sales in this desirable area in the 1st half compared to 30 in the same period last year. 10 of the homes sold for more than list price. The average price was slightly higher than the same period last year, and the median price was slightly lower. 83% of the homes that sold in the 1st half sold in 2 weeks or less.
Only 3 condos/townhomes sold in this area in the 1st half compared to 10 in the same period last year. The most expensive one sold for 3% over list price in 14 days. The average price is up less than 1% but the median price was down 14%.
There were no sales of condos/townhomes in this area in the 1st half. There were just 3 sales in 2022; the average price was $1,920,000.
209 MIRAMONTE
There were 9 sales in the 1st half, one more than the 1st half of last year. Only 2 homes sold under list price and all but one home sold in 2 weeks or less. The average price was 6% higher than it was last year and the median price was a dramatic 42% higher as only 2 homes sold for less than $1 million.