Los Altos Hills real estate

Los Altos Hills Market Conditions June 2014

  • Prices higher
  • Inventory lower
  • Pending and closed sales decline

Reversing a two month trend, prices of single family detached homes in Los Alto Hills surged in June.  While low sales volumes here can make month to month prices volatile, there is no escaping that prices have moved sharply higher over the past year.  The twelve month average of the median sales price was about $400,000 higher in the past year than it was the year before.  Inventory fell in June and remained low, which, in turn, has affected sales.

 

June’s median sales price of a single family detached homes was $3,885,000, which was 29% or $880,000 higher than May’s $3,005,000 and 53% or $1,352,500 higher than June 2013’s $2532,500.  The median sales price in June was the highest here in at least four years.  The average price per square foot was $997 in June, a $117 (13%) increase over $880 in May.  June’s price per square foot was also $133 or 15% higher than a year ago ($864).  On average, sales in June closed for 105.5% of their list price, up from 100.5% in May and 103% a year earlier.

 

Los Altos Hills-Market Conditions-JUNE-01

 

Ten sales closed in June, up two from eight in May and eight a year ago.  Los Alto Hills has averaged nine closed sales a month for the past year.

 

Los Altos Hills-Market Conditions-JUNE-02

 

Seven sales went pending in June, down from 11 in May and less than half the 15 in June 2013.  Inventory declined six units, from 27 at the end of May to 21 at the end of June, a 22% drop.  Inventory relative top pending sales increased to 3.0 months at the end of June from 2.5 months at the end of May.  A year ago, 3.1 months of inventory were on the market.

 

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June’s closed sales were on the market an average of 56 days, up 10 days from May’s 46.  A year ago, homes were also listed for an average of 46 days.

 

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Analysis by Price Range

 

 

Pending sales of homes priced under $3 million were cut in half in June, from six in May to three.  Six sales went pending in June 2013 as well.  Inventory increased by one home in this segment to end June with five, which was six less than a year ago when 11 homes were actively listed.  1.7 months of inventory were available relative to pending sales at the end of June, an increase of one full month from May.  24% of Los Altos Hills’ inventory and 43% of its pending sales were priced under $3 million.

 

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Homes priced from $3 million to $4,999,999 accounted for 38% of Los Altos Hill’s inventory at the end of June and 28% of the sales that went pending during the month.  Eight homes were actively listed in this price range at the end of June, down from 11 at the end of May.  Pending sales were cut in half, from four in May to two in June.  Inventory relative to pending sales increased from 2.75 months at the end of May to 4.0 months at the end of June.

 

Los Altos Hills-Market Conditions-JUNE-06

 

The inventory of $5 million-plus homes was cut by 25% in June, from 12 in May to eight.  Two sales went into contract in June, one more than in May.  As a result, four months of inventory was on the market at the end of June, down from a year at the end of May.  38% of Los Altos Hills’ inventory and 29% of its pending sales were in this segment.

 

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