- Sales continue to decline
- Median sales price virtually unchanged
- Inventory flat
The only thing that changed much from June in Los Alto was that that both closed and pending sales fell. Inventory has been mostly flat for the past few months, as have prices.
The median sales price of a single family detached home in July was $2,300,000, $5,000 higher than in June and $325,000 (16%) higher than a year ago. Sales closed for 110%of the average list price in July, the same as in June. The average price per square foot was $978, which was $126 (14%) below June’s $1,104. That was still 13% higher ($115) than July 2013’s $863.
30 sales closed here in July, down five or 14% from 35 in June. July’s sales were also three fewer than July 2013’s 33.
25 sales went to contract in July, which was five less (17%) than June’s 30. 27 sales went pending a year ago. Inventory increased by one unit to 18 at the end of July. 23 properties were actively listed at the end of July 2013. 0.7 months of inventory relative to pending sales was on the market at the end of July, up from about 0.6 months at the end of June.
Homes were listed for an average of 13 days before going to contract in June, down from 19 days in June and 18 days a year ago.
Analysis by Price Range
Homes priced under $2 million accounted for 28% of Los Altos’ inventory at the end of July and 64% of the sales that went into contract during the month. Inventory in this segment fell from eight at the end of June to five at the end of July. Pending sales fell from 19 in June to 16 during July. That left 0.3 months of inventory at the end of July, down from 0.4 months at the end of June.
The inventory of homes priced from $2 million to $2,999,999 doubled to six at the end of July. Six sales went pending in this price range during July, one less than in June. Inventory relative to pending sales increased from 0.4 months at the end of June to 1.0 month at the end of July. A third of Los Altos’ inventory and about a quarter of its pending sales were in this segment.
Seven homes priced at $3 million-plus were actively listed at the end of July, one more than at the end of June. Three sales went pending in July, one less than in June. That increased inventory relative to pending sales from 1.6 months at the end of June to 2.3 months at the end of July. This segment accounted for 39% of Los Altos’ inventory at the end of July and 12% of the sales that went pending during the month.