Los Altos Market Conditions March 2014

  • Sales increase, led by homes price from $1 million to $ 2million
  • Median sales price highest in at least three years
  • Sales price to list price jumps
  • Homes priced under $1 million add inventory

Single family detached homes priced from $1 million to $1.999 million saw the number of sales that went pending double from February to March, while higher and lower priced homes sales did not change much. The median sales price increased 4% but the average price per square foot fell slightly. Overall inventory increased, powered by homes priced under $1 million.

The median sales price of a home in Los Altos was $2,245,000 in March, the highest median price in at least three years. That was up 4% ($93,000) from $2,332,000 in February and 5% ($125,000) from $2,300,000 a year ago. The average closed sale during March was for 115.5% of the list price, which was the highest ratio in over three years. In February, the ratio was 109% and one year ago, it was 105%. The average price per square foot fell from $1007 in February to $1003 in March. March’s average price per square foot was $178 higher (22%) than a year ago ($825).

Los Altos-Market Conditions-March-01

Closed sales more than doubled, from 12 in February to 29 in March, a 142% increase. March’s closed sales were also 38% or eight sales higher than March 2013’s 21.

Los Altos-Market Conditions-March-02

26 sales went into contract during March, five more than during February but 11 less than a year ago. 18 properties were actively listed at the end of March, up 29% (4 units) from February. 20 homes were on the market a year ago. Inventory relative to the number of sales that went pending was virtually unchanged at 0.7% at the end of March.

Los Altos-Market Conditions-March-03
The length of time homes were on the market continued to decline in March, from 15 days for February’s closed sales to 11 for March’s. March was the third straight month this number decreased and it is now 39 days less than it was in December and five days less than a year ago.

Los Altos-Market Conditions-March-05

Analysis by Price Range

Homes priced under $2 million were the only segment that added inventory in March, from six at the end of February to 10 at the end of March. 13 sales went into contract in this price range, unchanged from February. Inventory relative to sales that went pending increased from 0.5 months at the end of February to 0.8 months at the end of March. 56% of Los Altos’ inventory at the end of March and 50% of the sales that went pending during the month were in this market segment.

Los Altos-Market Conditions-March-06
The number of sales of homes priced from $2 million to $2.999 million doubled in March to 12, accounting for 46% of Los Alto’s total. Four homes were on the market at the end of March, unchanged from February, and representing 22% of Los Alto’s inventory. That left 0.6 months of inventory in this price range at the end of March relative to sales that went pending, down from 0.7 months at the end of February.

Los Altos-Market Conditions-March-07
In the $3 million-plus segment, only one sale went into contract during March, one less than in February. Four homes were actively listed at the end of March, unchanged from February. 4% of Los Altos’ pending sales during March were in this price range, while 22% of its inventory was here.

Los Altos-Market Conditions-March-08