- Pending sales stay strong
- Inventory stays low
- Homes sell below average list price for first time this year
- Median sales price and price per square foot set record highs
Home price statistics in Los Altos Hills gave a mixed message in June, with the median sales price setting a new record, while homes sold below their list price (on average). Closed and pending sales remained relatively high and inventory remained low.
June’s median sales price was $4,387,500, up 50% or $1,462,500 from May’s $2,926,000. June’s median price was also 4% higher than a year ago. Low closed sales volumes in Los Altos can make these number pretty volatile from month to month, so the important thing is the long term trend, which obviously has been upward for some time. The average sale in June was for 98% of the list price, the first time this year the ratio has been below 100%. The ratio in June was 103% and a year ago it was 107%. The price per square foot increased 43%, from $1,257 in May to $1,803 in June, the highest ever here.
Closed sales continued their trend of moving up and down from month to month by increasing three units in June. 11 sales closed during the month, compared to eight in May and six a year ago.
Pending sales increased form eight in May to 11 in June. This statistic has also moved up and down for the past several months. A year ago, nine sales went pending. June ended with 24 homes for sale, seven less than at the end of May and six less than in June 2014. A 2.2 month supply relative tp pending sales was on the market at the end of June, down from 3.9 months at the end of May and 3.3 months a year ago.
The length of time homes were on the market increased for the third straight month in June. IN june, homes were listed for an average of 55 days, up from 22 days in May but on par with June 2014’s 56 days.
Analysis by Price Range
The under $3 million market segment continued to shrink in June, representing only 8% of inventory and 18% of pending sales for June. By comparison, this segment accounted for about 20% of inventory and 40% of sales a year ago and 33% of inventory and 50% of sales two years ago. Two properties priced below $3 million were actively listed at the end of June, which was the same number of sales that went to contract. That meant a one month supply was on the market at the end of June, up from two weeks at the end of May.
The inventory of homes in the $ 3million to $4,999,999 price range increased for the fourth straight month. 15 properties were available at the end of June, one more than at the end of May. Four sales went pending in June, up from two in May. Inventory relative to sales was cut from 7.0 months at the end of May to 3.75 months at the end of June. This segment accounted for 63% of Los Altos Hills’ inventory at the end of June and 36% of its pending sales during the month.
Five sales of homes priced at or above $5 million went to contract in June, while seven of the homes in this segment were actively listed at the end of the month. That compares to 13 homes for sale at the end of May and zero pending sales during May. 29% of inventory and 45% of pending sales were priced at %4 million and up. A 1.4 month supply was on the market at the end of June.