The Multiple Listing Service is the most reliable source of local real estate market information. The following information was take from our local MLS provider (ProMLSlistings.com) and is deemed reliable but not guaranteed.
There are currently are 91 single family homes for sale in Mountain View. Of these, 14 are under contract. Therefore, 77 homes don’t have buyers. At the current rate of absorption, we have over 6 months of inventory.
Below is the annual listing and sales activity for single family homes in Mountain View for each year since 1998.
As one can tell, sales numbers are down substantially from the 11 year average of 340 by 105 homes or 30%. The number of homes listed is also down but not as drastically. They are down slightly from the 11 year average (452) by 35 homes or 8%.
According to the chart below, Mountain View home prices are also starting to recede.
In 2007, the average sales price for a home in Mountain View was almost slightly over $1,085,000. In 2008 that number dropped just slightly to $1,067,000.
Due to a lack of available financing (in the higher price points), a poor overall economy and low consumer confidence, the higher end has stalled somewhat. What once drove the market is now a burden on it. How long will the local real estate market be challenged is unknown, but the economics of our market today could create opportunities for someone interested in moving up (assuming one can get financing).
As always I would be happy to provide information/statistics for your neighborhood.