- Sales pick up, especially in the high end
- Inventory dips
- Median sales price increases
Sales of homes priced over $3 million increased during March, resulting in twice as many sales as in February. Both closed sales and those that went into contract were above year-ago levels. Inventory, already very low, dipped again in March.
The median sales price in March was $3,260,000, which was $160,000 (5%) higher than February’s $3,100,000 and $536,000 (20%) higher than March 2013’s $2,724,000. The average price per square foot was $937 in March, breaking a three month string of over $1000. March was down 7.5% or $76 from $1013 in March but $25 or 3% higher than the $912 price per square foot in March 2013. March’s closed sales received 104% of their average list price, up from 94% in February and 102% a year ago.
10 sales closed in March, the first time we had double digit closed sales here since November. Only three sales closed during March and eight a year ago.
Pending sales doubled to 10 in March, which was also the first month since November in double digits. Six sales went into contract a year ago. Inventory fell by two, to 17 at the end of March. That was only 40% of the 42 homes actively listed at the end of March 2013. Inventory relative to pending sales was cut from 3.8 months at the end of February to 1.7 months at the end of March.
The length of time homes were on the market was cut from an average of 59 days in February to 35 days in March. One year ago, homes were listed for an average of 41 days.
Analysis by Price Range
Sales of homes priced under $3 million fell in March and inventory increased. Only two sales went into contract during March, down from three in February. Inventory increased from two at the end of February to five at the end of March. That left 2.5 months of inventory relative to pending sales in this segment at the end of March, the most since September. 29% of Los Alto Hills’ inventory at the end of March and 20% of the sales that went pending during the month were in this segment.
Four sales of homes price from $3 million to 4.999 million went into contract during March, double the number from February. Inventory fell from six at the end of February to five at the end of March. Inventory relative to pending sales fell to 1.25 months at the end of March form 3.0 months at the end of February. This price range accounted for 29% of the sales that went into contract during March and 40% of inventory.
Homes priced at $5 million and up saw sales jump, from none in February to four in March, the most since October. Inventory fell from 11 at the end of February to seven at the end of March. This segment had 41% of Los Altos Hills’ inventory and 40% of its pending sales.