- Prices slip
- High end sales slump, lower end jump
- Low inventory dampens sales
The median sales price, average price per square foot and sales price/list price ration all dipped in April. Both closed and pending sales also fell, however, homes priced under $3 million saw sales increase. Inventory increased a little but was still very low and it is clear that sales were hurt by the low inventory level.
The median sales price of a single family detached home in Los Alto Hills was $3,043,000 in April, down 6.7% from $3,260,000 in March. April’s median price was, however, 39% ($853,000) higher than April 2013’s $2,190,000. The median price can be very volatile, given the low number of sales and the wide range of home prices found here. The average price per square foot fell from both last month and a year ago to $899. That was 4% ($38) lower than March’s $937 and 0.7% ($6) below April 2013’s $905. The average sale in April was for 101% of the list price, down from 104% in March and 105% a year ago.
Eight sales closed in April, down from 10 in March but one more than closed a year earlier.
Pending sales also fell in April, from 10 in March to nine. 14 sales went pending in April 2013. Inventory increased by four units but remained very low. 21 properties were actively listed at the end of April, up from 17 at the end of March but 18 less than were on the market a year ago. Relative to pending sales, inventory increased from 1.8 months at the end of March to 2.3 months at the end of April.
The number of days on the market was cut sharply again in April, from 35 days in March to 22 in April. That is about one third the time homes were listed as recently as February.
Analysis by Price Range
If not for homes priced under $3 million, the drop in sales would have been much bigger. Six sales went into contract in April, compared to only two in March and five a year earlier. Inventory in this segment also increased from five at the end of March to seven at the end of April. Nine homes were actively listed in this segment at the end of April 2013. Inventory relative to pending sales was cut in half, from 2.5 months at the end of March to 1.2 months at the end of April. Two thirds of Los Altos Hills’ pending sales during April and one third of its inventory at the end of the moth were priced under $3 million.
The inventory of homes priced from $3 million to 4,999,999 remained at five, while the number of sales that went pending was cut in half, from four in March to two in April. That meant inventory relative to pending sales doubled to 2.5 months at the end of April. This price range accounted for 22% of Los Altos Hills’ pending sales and 24% of its inventory.
Only one sale of a $5 million-plus home went into contract in April, down from four in March. However, March’s four sales were the most since five went pending in April 2013. Inventory increased by two to nine at the end of March. That is the same number on the market a year ago. 42% of Los Altos Hill inventory and 11% of sales were in this segment.