Los Altos Hills Market Conditions November 2014
- Pending sales fall from October’s high
- Median sales price jumps
- Average price per square foot falls again
- Inventory falls for second month
Inventory in Los Altos Hills fell again in November but not as much in some surrounding areas. Pending sales came down off October’s highs, while closed sales increased slightly. Pricing indicators were mixed but the average price per square foot fell for the third consecutive month.
The median sales price in November ($3,887,500) was higher than in any month other than June’s $4,225,000. November’s median price was $1,137,500 higher (41%) than October’s $2,750,000 and was $763,000 (24%) higher than November 2013’s $3,124,500.
The average sales price to list price ratio also increased in November, from 104% in October to 106%, which was also higher than November 2013’s 100%. The ratio was the highest is has been since January. The one price statistic that fell was the average price per square foot. November’s $1,026 was 7% ($75) below October’s $1,101 but was $86 or 9% higher than a year ago.
Closed sales increased by one, extending to three months the streak that this has been the case. Ten sales closed in November. 13 sales closed a year ago.
18 properties were actively listed at the end of November, three less than at the end of October and one more than a year ago. Inventory has been trending downward since July but not rapidly. Pending sales fell five units, from 12 in October to seven in November. One year ago, 10 sales went pending. While inventory continues to fall, sales fell more quickly, leaving a 2.6 month supply of properties available at the end of November, up from 1.8 months at the end of October and 1.9 months a year earlier.
Properties were on the market for an average of 32 days in November, down from 39 in October and 59 a year earlier.
Analysis by Price Range
Only two homes priced under $3 million were on the market at the end of November, down from five for each of the previous three months. One year ago, three homes were actively listed in this segment. Pending sales fell from five during October to four in November, which was the same number as in November 2013. Inventory relative to pending sales was cut from one month at the end of October to two weeks at the end of November. 57% of Los Altos Hills’ pending sales were priced under $3 million but only 11% of its inventory.
Five properties were actively listed in the $3 million to $4,999,999 price range at the end of November, one more than at the end of October but three less than a year ago. There were no pending sales in this segment during November, compared to four in October and four a year earlier. 28% of Los Altos Hills’ inventory was in this price range.
11 properties priced at or above $5 million were actively listed at the end of November, accounting for 61% of the total. Inventory was 12 last month and eight a year ago. Three sales went to contract in this segment during November, the same as in October and accounting for 43% of the city’s total. A 3.7 month supply was on the market at the end of November, down from 4.0 months at the end of October.
