Los Altos Hills real estate

Los Altos Hills Market Conditions July 2014

  • Prices lower
  • Lower end inventory doubles
  • Pending sales unchanged

Sales prices of single family detached homes in Los Alto Hills had been trending down for a few months before spiking in June. The downward trend continued in July, with the median sales price, average price per square foot and sales price to list price ratio all declining. Inventory jumped in July, led by a more than two fold increase in homes priced under $3 million. Pending sales were unchanged from June but closed sales fell.

The median sales price in July was $2,596,944, down $898,056 or 23% from June’s $3,855,000. With an average of only eight sales a month here, the median sales price can be very volatile. Even with the big decline in July, the median sales price was still 6% or $178,194 higher than a year ago ($2,778,750). The average price per square foot in July was $893, which was $104 or 10% lower than June’s $997. A year ago, the average price per square foot was $867. June’s sales were for 98% of the list price, on average, compared to 106% in June. July was the first time since February that this ratio was below 100%. July 2013 sales were for 97% of their average list price.

Los Altos Hills-Market Conditions-July-01
Seven sales closed in July, four less than in June and 10 less than a year ago.

Los Altos Hills-Market Conditions-July-02
Seven sales went to contract in July, the same number as in June but eight less than a year ago. 28 properties were actively listed at the end of July, seven more than June’s 21 but 15 less (39%) than were on the market at the end of July 2013. Four months of inventory relative to pending sales were on the market at the end of July, up from three months at the end of June.

Los Altos Hills-Market Conditions-July-03
Homes were on the market an average of 29 days before going to contract in July. That is 27 fewer days than June’s 56. One year ago, homes were available for an average of 45 days.

Los Altos Hills-Market Conditions-July-04
Analysis by Price Range

11 properties priced under $3 million were on the market at the end of July; more than double June’s five. Three sales went pending in this segment during July, the same as in June. 3.7 months of inventory was available at the end of July, up from 1.7 months at the end of June. 39% of Los Altos Hills’ inventory and 43% of its pending sales were priced under $43 million.

Los Altos Hills-Market Conditions-July-05
There were eight actively listed properties priced from $3 million to $4,999,999 at the end of July, unchanged from June. Three sales went pending in this price range during July, compared to two in June. That reduced inventory to 2.7 months at the end of July from 4.0 months at the end of June. This price range accounted for 29% of Los Alto Hills’ inventory and 43% of its pending sales.

Los Altos Hills-Market Conditions-July-06
Only one sales of a $5 million-plus home went to contract in July, down from two in June. Nine properties were on the market at the end of July, one more than at the end of June. Nine months of inventory was available at the end of June, relative to pending sales, compared to four months at the end of June. These homes made up 32% of Los Altos Hills’ inventory and 14% of its pending sales.

Los Altos Hills-Market Conditions-July-07