- Pending and closed sales down
- Inventory mostly flat
- Prices indicators mixed but still high
The Los Altos real estate market appears to have cooled a little in June. Low inventory finally started taking its toll on sales and prices were mixed, with the median sales price and the sales price to list price ratio declining. Pending sales were down across market segments.
June’s median sales price was $85,000 or 3.6% in June, from $2,380 in May to $2,295,000 in June. June’s price was still 15% ($301,000) higher than June 2013’s $1,994,000. June was the fifth consecutive month with a median sales price over $2 million. Closed sales in June received 110% of the asking price, down from 112% in May but still higher than the 108% from a year ago. The average sales price per square foot was back over $1,000 in June at $1,104 after dipping to $997 in May. June’s price per square foot was 26% or $228 higher than a year earlier.
35 sales closed in June, down three from 38 in May and four less than a year ago. With the decline in pending sales (see below) closed sales will likely fall further in July.
Los Altos had 30 sales go into contract during June, down from 43 in May, a 30% decline. That was also seven less than the 37 sales that went pending in June 2013. Inventory increased by one unit to end June with 16 homes actively listed. That was less than half the 36 homes available a year ago. The big drop in sales increased to 0.6 months the available inventory at the end of June, from 0.4 months at the end of May.
Closed sales in June were listed for an average of 19 days, up from 13 in May and 18 a year ago.
Analysis by Price Range
Eight homes priced under $2 million were actively listed at the end of June, unchanged from May. Pending sales fell by three, from 22 in May to 19 in June. Inventory relative to pending sales was little changed at about 0.4 months. This segment accounted for 47% of Los Altos’ inventory and 63% of it pending sales.
Homes priced from $2 million to $2,999,999 made up 18% of Los Altos’ inventory at the end of June and 23% of the sales that went into contract during the month. Inventory in this price range fell from five at the end of May to three at the end of June. Pending sales were cut by more than half, from 15 in May to seven in June. 0.4 months of inventory was available at the end of June, up from 0.3 months at the end of May.
The available inventory of homes priced at $3 million-plus doubled in June to six. Pending sales fell from six in May to four in June. That combination tripled the months of inventory from 0.5 months at the end of May to 1.5 months at the end of June. 35% of Los Altos’ inventory and 13% of its pending sales were in this segment.