Mountain View Community

MOUNTAIN VIEW SINGLE-FAMILY HOMES

2023 ANNUAL REPORT

RECAP OF 2023

  • Number of sales down sharply; 11% since 2022 and 41% since 2021
  • Lowest number of new listings on records dating back to 2000
  • 2 record-high sales at $5,800,000 and $5,595,000
  • Average and median prices down 2%
  • 69% sold over list price (compared to 71% in 2022)
  • Homes sold very quickly; 50% in 8 days or less and 74% in 2 weeks or less
  • 3 areas had record-high prices

NUMBER OF SALES
As in all surrounding cities, sales were down dramatically from the record-breaking highs of 2021 during the pandemic. There were 219 single-family homes reported through the Multiple Listing Service in 2023, an 11% decline since 2022 and a 41% decline since 2021.

There were an additional 227 condos/townhomes sold in Mountain View, which are not included in this report; however, I would be happy to send you my separate report on them if you are interested or you can download a copy at davidtroyer.com/MVreport.

PRICES
Prices were strong in 2023 and remained constant throughout the year. The average and median were each 2% lower than the previous year’s record high. In the first half, the average was $2,679,211, a decline of 2%, and in the second half, the average price was just slightly lower at $2,667,926.

The median price (half of all homes above and half below this price) followed suit. In the first half, the median price was $2,556,500 and then dropped slightly to $2,510,000 in the second half.

The highest end of the market was strong with 15 sales for more than $4 million, including 3 sales for more than $5 million. A record-breaking sale of $5,800,000 was achieved for a newly constructed home that sold for more than list price. The second highest-priced sale, at $5,595,000, was also a record over the previous high of $5,477,000 set in 2021.

There were 152 homes, or 69%, that sold for more than list price. There was a significant shift between the first and second halves with 64% over list price in the first half and 74% in the second half, a clear indication of stronger buyer demand as the year went on.

LENGTH OF TIME TO SELL
Homes sold very fast in 2023. The greatest, 44%, sold in 7 days or less; another 31% sold in 8 to 14 days. There were only 22 homes that were on the market for more than 30 days.

There was a direct correlation between days on market and price. For the 21 homes that were not accurately priced when listed and therefore required a price reduction, the average days on market was 40. All other homes had average days on market of just 12. Setting the correct price based on local market knowledge and conditions is essential to obtaining maximum value and a timely sale.

OUTLOOK
With interest rates below 6% for approximately 90% of US homes, many sellers are discouraged about reentering the market as they would have to relinquish their historically low rates, despite the fact that rates have been coming down in the past 6 months. The prevailing outlook last year was based on the specter of a potential recession looming over Silicon Valley. This contributed to the notably low inventory levels, which resulted in strong prices.

This trend is likely to persist into the first several months of 2024, creating a sellers’ market with low inventory. For sellers navigating this market, especially those aiming to sell and swiftly re-buy with cash, the conditions seem favorable for achieving real estate goals. However, buyers face a more intricate landscape as low inventory may spur multiple offers on highly coveted properties, and navigating fluctuating interest rates presents a challenge.

In our area, the real estate market is intricately intertwined with a complex intersection of buyer sentiment, encompassing fluctuations in individuals’ net worth, availability of restricted stock units (RSUs), interest rates, and optimism regarding the Valley’s ability to replicate its past success. I also predict a slower-than-usual Q3 in 2024, attributing this to the unusual circumstances of a politically charged election, potentially keeping many buyers on the fence as they await the outcome.

Despite this, my optimism prevails, envisioning the Valley’s continued innovation. With the rapid pace of breakthroughs in artificial intelligence, I foresee Silicon Valley companies creating new markets and prospering from these advancements, contributing to the region’s resilience and adaptability in the ever-evolving real estate landscape. I remain optimistic on the long-term value of owning a home in Mountain View, which continues to be one of the best places to live in the Bay Area. If you would like more information on any of the information in this report, or if you would like to discuss your specific real estate needs, please give me a call.

No one sells more homes in Mountain View than David Troyer. David represented buyers and sellers of 22 Mountain View homes in 2023 – more than any other agent. It’s results like this that place David as the #4 Large Team in Northern California and #28 in the United States, per RealTrends, 2023.

PRICES
Prices were strong in 2023 and remained constant throughout the year. The average and median were each 2% lower than the previous year’s record high. In the first half, the average was $2,679,211, a decline of 2%, and in the second half, the average price was just slightly lower at $2,667,926.

The median price (half of all homes above and half below this price) followed suit. In the first half, the median price was $2,556,500 and then dropped slightly to $2,510,000 in the second half.

The highest end of the market was strong with 15 sales for more than $4 million, including 3 sales for more than $5 million. A record-breaking sale of $5,800,000 was achieved for a newly constructed home that sold for more than list price. The second highest-priced sale, at $5,595,000, was also a record over the previous high of $5,477,000 set in 2021.

There were 152 homes, or 69%, that sold for more than list price. There was a significant shift between the first and second halves with 64% over list price in the first half and 74% in the second half, a clear indication of stronger buyer demand as the year went on.

LENGTH OF TIME TO SELL
Homes sold very fast in 2023. The greatest, 44%, sold in 7 days or less; another 31% sold in 8 to 14 days. There were only 22 homes that were on the market for more than 30 days.

There was a direct correlation between days on market and price. For the 21 homes that were not accurately priced when listed and therefore required a price reduction, the average days on market was 40. All other homes had average days on market of just 12. Setting the correct price based on local market knowledge and conditions is essential to obtaining maximum value and a timely sale.

OUTLOOK
With interest rates below 6% for approximately 90% of US homes, many sellers are discouraged about reentering the market as they would have to relinquish their historically low rates, despite the fact that rates have been coming down in the past 6 months. The prevailing outlook last year was based on the specter of a potential recession looming over Silicon Valley. This contributed to the notably low inventory levels, which resulted in strong prices.

This trend is likely to persist into the first several months of 2024, creating a sellers’ market with low inventory. For sellers navigating this market, especially those aiming to sell and swiftly re-buy with cash, the conditions seem favorable for achieving real estate goals. However, buyers face a more intricate landscape as low inventory may spur multiple offers on highly coveted properties, and navigating fluctuating interest rates presents a challenge.

In our area, the real estate market is intricately intertwined with a complex intersection of buyer sentiment, encompassing fluctuations in individuals’ net worth, availability of restricted stock units (RSUs), interest rates, and optimism regarding the Valley’s ability to replicate its past success. I also predict a slower-than-usual Q3 in 2024, attributing this to the unusual circumstances of a politically charged election, potentially keeping many buyers on the fence as they await the outcome.

Despite this, my optimism prevails, envisioning the Valley’s continued innovation. With the rapid pace of breakthroughs in artificial intelligence, I foresee Silicon Valley companies creating new markets and prospering from these advancements, contributing to the region’s resilience and adaptability in the ever-evolving real estate landscape. I remain optimistic on the long-term value of owning a home in Mountain View, which continues to be one of the best places to live in the Bay Area. If you would like more information on any of the information in this report, or if you would like to discuss your specific real estate needs, please give me a call.

No one sells more homes in Mountain View than David Troyer. David represented buyers and sellers of 22 Mountain View homes in 2023 – more than any other agent. It’s results like this that place David as the #4 Large Team in Northern California and #28 in the United States, per RealTrends, 2023.

Rollover or click map to see more information for each area.

whisman sylvandale northshoreline rengstorff thompson sanantonio downtown grant miramonte

Rollover or click map to see more information for each area.

Mountain View Condos/Townhomes

2023 ANNUAL REPORT

RECAP OF 2023

  • Number of sales lowest on record
  • Number of new listings below 300 for the first time
  • Median price up 3% to a record high
  • Average price down less than 1%
  • 55% sold for more than the list price
  • 31% sold for less than $1 million, same as 2022 and 2021

NUMBER OF SALES
There were 227 sales of condos/townhomes reported through the Multiple Listing Service in 2023, a significant 24% decline from the previous year and a 49% decline from the height of the pandemic in 2021. Sales were stronger in the second half of 2023 with 121 sold compared to 106 in the first half.

There were an additional 219 single-family homes sold in Mountain View, which are not included in this report; however, I would be happy to send you my separate analysis of them if you are interested or you can download a copy at davidtroyer.com/MVreport.

PRICES
Prices held fairly steady in 2023 and have stayed in the $1.2 million price range every year since 2018. The average price dipped less than 1% to $1,271,391 in 2023. The median price set a new record high at $1,325, 000 and was the highest since 2018.

The highest percentage of sales, 36%, were homes sold for more than $1.5 million. 33%, were in the price range of $1 million to $1.5 million, and 31% of the sales were for less than $1 million.

There were 124 homes, or 55%, that sold over list price (compared to 62% the previous year). On average, condos/townhomes sold for 103% of list price, compared to 105% in 2022 and 103% in 2021.

LENGTH OF TIME TO SELL
Homes sold fairly quickly in 2023. 77 homes, or 34% sold in one week or less; 145 homes, or 64%, sold in 2 weeks or less. There were, however, 47 homes that were on the market from 30 to 220 days before selling.

There was a direct correlation between days on market and price. For the 38 homes that were not accurately priced when listed and therefore required a price reduction, the average days on market was 54. All other homes had average days on market of just 15. Setting the correct price based on local market knowledge and market conditions is essential to obtaining maximum value and a timely sale.

PRICES
Prices held fairly steady in 2023 and have stayed in the $1.2 million price range every year since 2018. The average price dipped less than 1% to $1,271,391 in 2023. The median price set a new record high at $1,325, 000 and was the highest since 2018.

The highest percentage of sales, 36%, were homes sold for more than $1.5 million. 33%, were in the price range of $1 million to $1.5 million, and 31% of the sales were for less than $1 million.

There were 124 homes, or 55%, that sold over list price (compared to 62% the previous year). On average, condos/townhomes sold for 103% of list price, compared to 105% in 2022 and 103% in 2021.

LENGTH OF TIME TO SELL
Homes sold fairly quickly in 2023. 77 homes, or 34% sold in one week or less; 145 homes, or 64%, sold in 2 weeks or less. There were, however, 47 homes that were on the market from 30 to 220 days before selling.

There was a direct correlation between days on market and price. For the 38 homes that were not accurately priced when listed and therefore required a price reduction, the average days on market was 54. All other homes had average days on market of just 15. Setting the correct price based on local market knowledge and market conditions is essential to obtaining maximum value and a timely sale.

Rollover or click map to see more information for each area.

whisman sylvandale northshoreline rengstorff thompson sanantonio downtown grant miramonte

Rollover or click map to see more information for each area.

  • 200 WHISMAN

    This area had the second highest number of sales in any area of Mountain View and homes sold faster here than in any other area. There were 53 sales, which was down significantly from 75 sales in 2022 and 107 in 2021. The average price was down 3% but the median price remained unchanged at $1.4 million. There were 3 sales above $2 million and an impressive 62% of the homes sold over list price. The median days on market of 8 was the lowest in all of Mountain View.

  • 201 SYLVAN DALE

    There were just 5 sales here compared to 14 in 2022. The median price increased a strong 8%. The average price increased 4%, contributed by the sale of one home at $1,830,734 that sold for 22% over list price. All other homes sold for less than list price. Length of time on the market varied from just 6 days to 43 days.

  • 203 NORTH SHORELINE

    Sales were down to 42 compared to 50 the previous year. The average price reached a new record high increasing 3% and the median price increased a significant 9% to a record high. There were 23 homes, or 55%, that sold over list price. Only 15 homes sold for less than list price. The median days on market was 13.

  • 204 RENGSTORFF

    More homes sold in this area than in any other area of Mountain View. At 54 sales, there was a hefty decline of 25% compared to 2022. The average price remained above $1.4 million yet was down a slight 2% in 2023. The median price fell by less than 1% to $1,505,000. There were 3 sales for $2 million or more. 56% of all sales were for more than list price and half of all sales were in 10 days or less.

  • 205 THOMPSON

    This area has just a few townhome complexes and therefore always has a low number of sales (there were none in 2022 and just one in each of the previous two years). That changed in 2023 with the opening of a new community. There were 9 sales last year, 6 of which were at the new development. The average price of these new homes was $1,825,500 with an average days on market of 35; the average price of the resale homes was $1,618,667 with an average days on market of 20.

  • 206 SAN ANTONIO

    This area had the third-highest number of sales at 44, compared to 55 in 2022. The average price was down just slightly still remaining over $1 million since 2018. There were 8 homes for more than $1.5 million but 25 homes for less than $1 million. 57% of the homes sold over list price. This area had the lowest price per square foot, at $858, of any area in Mountain View.

  • 207 DOWNTOWN

    There were just 7 sales in this area, compared to 18 in 2022. The average price was down 3% and the lowest since 2020; the median price was down 14%. 3 of the 7 homes sold for more than list price, including the most expensive sale at $1,650,000. Homes varied for length of time on the market with 2 selling in a week and 3 taking longer than 30 days to sell.

  • 208 GRANT/WAVERLY PARK

    There was just one sale in 2023, the same number as in 2019, 2020, and 2021. This sale, at $1,800,000, was sold for more than list price but was not a record high. There have been three sales for more than this with the highest price at $1,950,000. Despite the home in 2023 selling for just over list price, it was on the market for 70 days.

  • 209 MIRAMONTE

    The average price was up 3% and the median price was up a dramatic 32% – the highest increase in all of Mountain View in 2023. There were 12 sales (the same number as in 2022), 8 that were between $1 million and $2 million and 4 at the same community that were all less than $1 million. 7 of the homes sold over list price and all but 2 sold in 15 days or less.

Single-Family Homes

2023 3rd Quarter Report 2023 Half Year Report 2023 Q1

Condos/Townhomes

2023 3rd Quarter Report 2023 Half Year Report 2023 Q1