RECAP OF 2022
PRICES
Prices reached record highs once again for the year but there was a definite shift in prices as the year went on. The average and median were each 6% higher than the previous year. In the first half, the average was $2,866,181, a significant 11% increase from 2021. As the year went on, the average price dropped in the second half to $2,586,811, just barely above the level in 2021.
The median price (half of all homes above and half below this price) followed suit even more substantially with a 12% increase in the first half to $2,750,000 and then dropped to $2,450,000 in the second half, just under the price in 2021.
The highest end of the market was strong with 16 sales for more than $4 million, including 3 sales for $5 million or more. While close to the record high set in 2021 of $5,477,000, the high in 2022 was $5,400,000.
There were 176 homes, or 71%, that sold for more than list price. There was a dramatic shift between the first and second halves with 81% over list price in the first half and only 51% in the second half.
NUMBER OF SALES
As in all surrounding cities, sales were down dramatically from the record-breaking highs of 2021 during the pandemic. There were 247 single-family homes reported through the Multiple Listing Service in 2022, a 33% decline since 2021.
There were an additional 299 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.
LENGTH OF TIME TO SELL
Homes sold very fast in 2022. A significant number of homes, 38%, sold within 8 to 14 days; another 33% sold in 7 days or less. There were 35 homes that were on the market for 30 days or more.
There was a direct correlation between days on market and price. For the 35 homes that were not accurately priced when listed and therefore required a price reduction, the median days on market was 33. All other homes had a median days on market of just 8. Setting the correct price based on local market knowledge and conditions is essential to obtaining maximum value and a timely sale.
NUMBER OF SALES
As in all surrounding cities, sales were down dramatically from the record-breaking highs of 2021 during the pandemic. There were 247 single-family homes reported through the Multiple Listing Service in 2022, a 33% decline since 2021.
There were an additional 299 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.
LENGTH OF TIME TO SELL
Homes sold very fast in 2022. A significant number of homes, 38%, sold within 8 to 14 days; another 33% sold in 7 days or less. There were 35 homes that were on the market for 30 days or more.
There was a direct correlation between days on market and price. For the 35 homes that were not accurately priced when listed and therefore required a price reduction, the median days on market was 33. All other homes had a median days on market of just 8. Setting the correct price based on local market knowledge and conditions is essential to obtaining maximum value and a timely sale.
Rollover or click map to see more information for each area.
Rollover or click map to see more information for each area.
This area was the only one in Mountain View to not exceed $2 million for the average price. It was one of five areas that had a decline in the average price, falling to the lowest since 2017. There were just 16 sales, compared to 38 in 2021 and 30 in 2020. Half of the homes sold for more than list price. There were 4 sales for more than $2 million. Homes took slightly longer to sell here compared to other areas.
This was one of only three areas to have an increase in the number of sales since 2021 but was also one of five areas to have a decline in average price (by 12%). There were 17 homes sold compared to 14 in 2021 and 10 of these sold for more than list price. There was one sale for more than $3 million, which The Troyer Group represented, and it sold for 22% more than list price. No homes sold for less than $1.7 million. 6 homes took between 33 and 193 days to sell.
This area reached a record-high average price exceeding $2.2 million representing a 2% increase over 2021. The median price was a record high of $2.1 million. There was a dramatic decline in sales with 27 compared to 45 the previous year. A significant 22 homes, or 81%, sold over list price. One sale, at $3.6 million, was the second-highest price on record. Only 4 homes were on the market for more than 3 weeks.
Following 10 sales in 2021, there were just 3 sales in 2022, 2 of which sold very quickly and for more than list price. However, the average price declined by 9% yet remained over $2 million. It is important to note that just 10 years ago in 2012, the average price was not even $1 million in this area.
Sales were down sharply but prices reached a new record high, by far. The average exceeded $2.3 million and the median price reached a dramatic new high of $2,348,000. All but two homes sold for more than $2 million and there were no sales for less than $1.8 million. 8 homes sold for more than list price, including 6 that sold between 32% and 43% higher.
Sales almost doubled at 15 compared to just 8 the previous year. The average price remained at just about the same level and the median price exceeded $2 million for the first time reaching $2,050,000. All but two of the homes sold for more than list price and by as much as 42% higher for the most expensive one sold. Prices varied widely from $1.3 million to $3.55 million.
This area was very strong with 41 sales, 30 of which were for more than list price. Plus, a new record-high price was reached at $4,558,400. The average price was up 15% – the highest for any area in Mountain View. Only 6 homes sold for less than $2 million and 10 homes sold for $3 million or more. Surprisingly, homes took a bit longer to sell here than in other areas.
This sought-after area continued to have the highest prices in all of Mountain View and had the highest number of sales. The second, third, and fourth-highest prices ever were reached, all in the $5 million range and all sold over list price. The average price exceeded $3.5 million for the first time. 33 homes, or 70%, sold over list price. Only 7 homes took longer than 30 days to sell.
The second-highest average price in Mountain View was in this area, however it was down slightly from the previous year. Sales were down sharply at 24 compared to 49 in 2021. All but 6 of the homes sold for more than list price. Homes sold very quickly – 18, or 75%, sold in 9 days or less – a clear indication of demand.
This area had the second-strongest number of sales in Mountain View at 44 compared to 61 the previous year. The average price reached a record high of more than $2.8 million and the median price exceeded $2.7 million for the first time. 32 homes, or 73%, sold over list price, including two homes that sold for more than $4 million. 35 homes, or 80%, sold in 2 weeks or less.
RECAP OF 2022
NUMBER OF SALES
There were 299 sales of condos/townhomes reported through the Multiple Listing Service in 2022, a dramatic 33% decline from the previous year. The number of sales in the first quarter was 72, then 94 in the second quarter, 77 in the third quarter, and 56 in the fourth quarter.
There were an additional 247 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.
PRICES
The average and median price of a condo/townhome sold increased slightly, each remaining at over $1.28 million. There were 10 sales for $2 million or more and another 93 for $1.5 million to $2 million. There were 103 sales for $1 million to $1.5 million and 93 sales for less than $1 million. This “entry level” market of $1.5 million and under, in which 66% of the homes were sold, was clearly in high demand.
There were 185 homes, or 62%, that sold over list price (compared to 57% the previous year). On average, condos/townhomes sold for 105% of list price, compared to 103% in 2021, 101% in 2020, 103% in 2019, and 114% in 2018.
LENGTH OF TIME TO SELL
Homes sold fairly quickly in 2022. The largest number of homes, 61%, sold in 14 days or less. There were 62 homes, or 21%, that were on the market for more than 30 days.
There was a direct correlation between days on market and price. For the 54 homes that were not accurately priced when listed and therefore required a price reduction, the median days on market was 40. All other homes had median days on market of just 8. 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.
Rollover or click map to see more information for each area.
More homes sold here than in any area in Mountain View and this area had the second-highest average price increase of all areas. There were 75 sales, down significantly from 107 the previous year. The average price was up 9% with 3 record-high sales all for $2 million or more and each sold over list price. An impressive 63% of the homes sold for more than list price and half of all homes sold in 11 days or less.
There were 14 sales in this area compared to 23 the previous year. A record-high individual price was reached at $1,852,000 for a home that sold 16% over list. However, the average price was down 1.5%. The 6 highest-priced homes all sold for more than list price. Homes took longer to sell in this area than in any other area with a median days on market of 25.
Sales were down to 50 compared to 72 the previous year. The average price dropped just slightly as there were no homes sold for $2 million or more like there were in 2021. Demand was very strong though as evidenced by 68% of the homes selling over list price. The median days on market was just 9, one of the lowest in all of Mountain View.
This in-demand area had the second-highest number of sales in Mountain View and was one of only three areas to set a record-high average price in 2022. The average price increased just 2% and 63% of the homes sold for more than list price. The two highest-priced sales were each a record high at $2,195,990 for new construction. There were 5 homes that sold for $2 million or more.
This area has just a few townhome complexes and therefore always has a low number of sales or no sales, as was the case in 2022.
This area had the third-highest number of sales at 55, compared to 81 in 2021. The average price was down just slightly but remained over $1 million as it has every year since 2018. There were 5 homes for more than $1.8 million but 28 homes for less than $1 million. 60% of the homes sold over list price. This area had the lowest price per square foot, at $899, of any area in Mountain View.
The average price fell 15% in this desirable area, down substantially from the record high in 2018. There were just 18 sales, 12 of which sold over list price, including the highest-priced sale. There were no sales for more than $2 million, unlike the previous year, and 5 sales for less than $1 million. Homes took longer to sell here than in other areas with a median days on market of 13.
In each of the past 3 years only one home has sold. In 2022, there were 3 sales, each of which set a record-high price. Each sale was also for more than list price and each sold in 6 or 7 days. As a result, this area had the highest increase in average price at 11%.
209 MIRAMONTE
The average price was down just slightly despite two record-high sale prices, each for more than $2.1 million and each selling for more than list price. There were also 6 sales for less than $1 million which contributed to the lower average price. Half of the homes sold for more than list price. Sales were down substantially to 12 compared to 31 the previous year.