paper-autocomplete "no results" message appears in wrong location when above field

If the paper-autocomplete is near the bottom of the screen, the results appear above the field. If there are no results, however, the "no results" message appears too far up the page:
This only happens when the "no results" message is the first thing shown; if there are results initially, but typing more characters causes there to be no results, the "no results" message will be correctly positioned.

The easiest way to replicate the issue is to scroll down the demo page until the floating label demo just comes into view at the bottom of the screen, enter some rubbish which generates no results, then move focus away and back in to re-trigger the dropdown: