The town that is the home of Google and other major tech firms has continued to perform well in October 2011. Single-family home prices rose 3.1% last month to an average selling price of $1,007,688. The $985,000, up from $935,000 last month. There was sharp drop in homes sold, only 17 sold last month compared to 25 the month before. The number of new listings was 31 compared to 35 the previous month. This shows a small bit of accumulation of inventory. The "months of inventory" went from 2.2 in September to 4.2 in October which means a strong shift to a balanced market, compared to the sellers market Mountain View has had all year long.
The hot markets are still Waverly Park, Cuesta Park, Varsity Park, St. Francis Acres, and the Blossom Valley neighborhoods. All of these offer either the best Mountain View schools or Los Altos schools. The average days to sell was 31 which is down substantially from last month. While the numbers are a bit underwhelming, the reality is that nice homes in the better locations are selling fairly fast. Only one recent listing in the Blossom Valley market stayed on and had a price reduction recently.
Multiple offers are still the norm in most of the top markets with 2-3 solid offers being the norm. A few homes are getting more but the seasonal slowdown are keeping things reasonable. Buyers should prepare themselves to review dsclosures quickly and make decisions based on what they know they want. If you're still trying to decide which neighborhood to live in, the rapid sales will continue to make offers difficult.
If you have enjoyed reading my blog, please subscribe HERE!
Want to know more about me? Just Google Me!
Bryan Robertson, Broker Associate | T: 650.799.9951 | Email: bryan@serenogroup.com | Website: http://www.BryanRobertsonHomes.com |CA License: 01191946 | Sereno Group - Los Altos branch | 369 S. San Antonio Road | Los Altos, CA 94022
Find Me Online!
Recent Articles from Bryan's Blog
Los Altos Neighborhood Tour - Old Los Altos
Los Altos Neighborhood Tour - Rancho
