- Prices higher
- Lower end inventory returns to normal
- Pending sales up a bit
All indicators pf price increased in August, including the median sales price, average price per square foot and the ratio of sales price to list price. The inventory of lower end homes returned to a more normal range in August after spiking in July. Pending sales increased but not by a lot.
The median sales price has been pretty volatile the past several months. In August, it increased 21% or $608,056 after declining 23% or $898,056 in July. The median sales price in August was $3,565,000 versus $2,956,944 in July. August’s price was 37% higher than August 2013’s $2,598,000. The average price per square foot in August was $1,221, the highest it has been since January. In July the average was $893, which was $328 lower than in August and a year ago it was $975. The average sale in August was for nearly 112% of the list price, compared to 98% in July and 99% a year ago. August’s ratio was the highest it has been in years.
Nine sales closed in August, two more than in July and the same number as a year earlier. There have been from seven to 10 closed sales a month for the past six months.
24 homes were actively listed at the end of August, down from 28 at the end of July and 38 a year ago. Nine sales went to contract in August, compared to seven in July and 10 a year ago. Inventory relative to pending sales decreased from 4.0 months at the end of July to 2.7 months at the end of August.
After dipping sharply in July, the average number of days that homes were on the market rose sharply in August to 46. That was 17 more days than in July. A year ago, homes were available for an average of 105 days, which was about double the number of days that was normal for last year.
Analysis by Price Range
After spiking to 11 homes at the end of July, the inventory of homes priced under $3 million fell back to five at the end of August. Six sales went pending in this segment during August, double July’s three. That left 0.8 months of inventory relative to pending sales at the end of August, down from 3.7 months at the end of July. 67% of Los Altos Hills’ inventory was priced under $3 million, as were 20% of pending sales.
There was no change in the market for homes priced form $3 million to $4,999,999. Eight properties were on the market at the end of August, the same as at the end of July. Three sales went pending during August, unchanged from July. This price range made up a third of Los Alto Hills’ sales and inventory.
11 properties priced at $5 million or more were actively listed at the end of August but there were no sales in this segment during the month. Those numbers compare to nine and one, respectively for July. The inventory of 11 homes was 46% of Los Altos Hills’ total.