Los Altos Market Conditions July 2015
- Price indicators decline
- Days on market only 15 days
- Inventory stays low
While all price indicators here fell in July, they did not fall by much. July was the first month since February that the average sales price was less than 110% of the average list price but it only missed that mark by two tenths of one percent. Close sales were at their lowest since March.
The median sales price in July was $2,755,000, down 2% ($55,000) from June’s $2,810,000 but still nearly 20% higher ($455,000) than a year ago. The price per square foot slipped $1 to $1,236 in July, $258 higher than July 2014’s $978, which was the last time it was lower than $1,000. The average sales price was 109.8% of the average list price in June, down from 112.8% in June and 110.4% a year ago.
15 sales closed in July, down from 17 in June and 18 in July 2014.
I want to make note of the fact that late in each of the past several months, pending sales and inventory numbers have been restated (pending sales downward and inventory upward) the following month. With that said, 19 homes were available for sale at the end of July, down from 50 at the end of June and 38 a year ago. 50 sales went pending in July, 16 more than June’s 34. That cut supply from about 1.5 months at the end of June to less than two weeks at the end of July.
July’s sales were listed for an average of 15 days, two fewer than June’s sales. A year ago, homes were on the market an average of 18 days.
Analysis by Price Range
The inventory of homes for sale priced below $2 million was cut from 13 at the end of June to four at the end of July. That was 21% of Los Altos’ total. Pending sales increased by four to 12 during July. Those 12 were nearly a quarter of all sales here. A 0.3 month supply was available at the end of July, down from 1.6 months at the end of June.
Pending sales of home priced from $2 million to $2,999,999 was cut by more than half, from 21 at the end of June to 10 at the end of July. Pending sales went from 14 in June to 25 in July. That cut supply from 1.5 months at the end of June to 0.4 months at the end of July. 53% of sales and 50% of inventory were in this price range.
Five homes were on the market priced at or above $3 million at the end of July, compared to 16 at the end of June. 13 sales went to contract in July, one more than in June. A 0.4 month supply was on the market at the end of July, down from 1.3 months at the end of June. This segment accounted for 26% of both inventory and sales.