- Only 3 closed sales – fewest in 2.5 years
- Not much change in inventory or pending sales
- Difficult to draw conclusions based on three sales
With only three closed sales in July, it is difficult to draw any conclusions about prices in Los Altos Hills. Inventory and pending sales were close to their June levels.
The median sales price of July’s three sales was $3.3 million, down from June’s $4.4 million. The price per square foot was nearly $1,000 lower in July ($836) than June ($1,803). July’s sales were for about 99% of list price, on average, compared to 97% in June. Please note that since there were only three sales in July, the data is subject to a high degree of volatility.
Three sales closed in July, way down from 11 in June. Sales have gone up and down here from month to month all year.
I want to make note of the fact that late in each of the past several months, pending sales and inventory numbers have been restated (pending sales downward and inventory upward) the following month. That being said, 29 properties were actively listed at the end of July, five more than at the end of June but five less than at the end of July 2014. Pending sales increased from 11 in June to 13 in July. One year ago, six sales went pending. Supply was little changed at about 2.2 months.
Homes were on the market an average of 82 days in July, compared to 55 days in June and 30 days a year earlier.
Analysis by Price Range
One property priced under $3 million was for sale at the end of July, down from two at the end of June and 10 a year ago. Seven sales went to contract in this segment in July, five more than in June. That left a four day supply relative to pending sales. While only 3% of Los Altos Hills’ inventory was priced under $3 million, 54% of pending sales were in this segment.
16 homes were available for sale in the $3 million to $4,999,999 price range at the end of July, one more than at the end of June. Those 16 homes were 55% of Los Altos Hills’ total inventory. Five sales went pending in July, accounting for 39% of the total. A 3.2 month supply was on the market at the end of July, down from 3.75 months at the end of June.
Inventory of homes priced at $5 million or more increased from seven at the end of June to 12 at the end of July. Those 12 homes were 41% of total inventory. Pending sales in this segment fell from five in June to one in July, accounting for 8% of July’s sales. A 12 month supply was on the market at the end of July.