- Inventory falls for third straight month
- Sales increase
- Prices increase
- Sales price more than 110% of list for fourth straight month
- Demand strong in all price ranges
The song remains the same in Los Altos. Pending sales have been on the rise since January and inventory has fallen the past two months, making for an ever-tightening real estate market. The result, inevitably, has been higher prices. Although the median sales price slipped a bit in April and May, it came back strong in June and was 23% higher than a year ago. The average sale has been for more than 110% of the list price for the past four months. Sales have been strong across market segments and low end inventory is increasingly hard to find.
June’s median sales price was $2,820,000, 8% or $207,500 higher than May’s $2,612,500 and 23% or $525,000 higher than June 2013’s $2,295,000. The average price per square foot in June was $1,239, and increase of $52 from May’s $1,187. June’s square foot price was also $135 higher than a year ago. Homes sold for 113% of the list price, on average, in June, up from 112% in May and 110% a year earlier.
Closed sales fell by five units in June, from 38 in May to 33. That was still the second most closed sales this year. 35 sales closed in June 2014.
There were 35 homes for sale in Los Alto as the end of June, 10 less than in May and eight less than in June 2014. Pending sales increased from 38 in May to 47 in June. A three week supply was available relative to pending sales at the end of June, down from 1.2 months at the end of May.
The average property was listed for 17 days in June, up from 11 days in May. By comparison, the average so far this year was 14 days, while 2014 was 17 days and 2015 was 24 days.
Analysis by Price Range
Only six homes priced under $2 million were actively listed at the end of June, compared to nine at the end of May and 21 a year earlier. Pending sales increased from nine in May to 14 in June. There was less than a two week supply at the end of June, down from a month at the end of May. This segment made up 17% of Los Altos’ inventory and 30% of its pending sales.
17 properties priced from $2 million to $2,999,999 were for sale at the end of June, one more than at the end of May. June’s 17 homes were 49% of the city’s total inventory. 17 sales went pending in this price range in June, five less than in May. Those 17 sales were 36% of the total. Inventory relative to pending sales actually increased from 0.7 months at the end of May to 1.0 month at the end of June.
In the $3 million-plus market, inventory was cut from 20 at the end of May to only 12 at the end of June. Pending sales increased from seven to 16. That cut inventory from 2.9 months at the end of May to just three weeks at the end of June. This segment accounted for 34% of both inventory and pending sales.