- Closed sales lowest since February
- Price indicators strong
- Pending sales lowest of the year
- Lowest inventory of the year
Demand remained very strong in Los Altos, as evidenced by the strong pricing numbers. The average price per square foot, for example was the highest it has ever been and homes are selling for more than 110% of the list price. Inventory has not been able to keep up and was lower at the end of November than at any time this year. Sales have suffered due to the low inventory, especially in the low end.
The median sales price fell from October’s three year high but was still the second highest price this year. November’s median sales price was $2,360,000, 6% ($152,501) lower than October’s $2,512,501 but 7% higher ($150,000) than November 2013’s $2,210,000. The average price per square foot jumped 15%, from $1,089 in October to $1,250 in November, the highest value here ever. One year ago, the average was $905. The average sale in November was for 111.2% of the list price, slightly lower than October’s 111.4% but higher than November 2013’s 109.7%.
Closed sales fell sharply, from 30 in October to 13 in November, a loss of 17 sales or 57%. November also had nine fewer sales (41%) than a year ago, when 22 sales closed.
11 properties were actively listed at the end of November, the fewest since December of last year when there were seven. Month-end November had five fewer actively listed properties than October but two more than November 2013. Pending sales fell 39%, from 28 in October to 17 in November. That was the fewest sales here since December 2013’s nine and matched November 2013’s sales. Inventory relative to pending sales was little changed at about 0.6 months.
Days on the market was little changed, from 14 days in October to 13 in November, compared to 28 days a year ago.
Analysis by Price Range
Only four sales of homes priced under $2 million went to contract in November, the fewest in at least two years. November’s sales were less than a third of October’s 13 and November 2013’s 15. Three properties were actively listed in this segment at the end of November, one more than at the end of October. The sharp drop in sales increased the month’s supply of inventory, from a few days at the end of October to three weeks at the end of November. 27% of Los Altos’ inventory at the end of November and 24% of the sales that went pending during the month were priced below $1 million.
For the second consecutive month, the inventory of $2 million to $2,999,999 homes was cut in half to only two properties at the end of November. One year ago, there were four actively listed homes in this price range. Pending sales dropped five units, from 12 in October to seven in November. November still had five more pending sales than November 2013’s two. Inventory relative to pending sales was little changed at about 0.3 months. This price range accounted for 18% of Los Altos’ inventory and 41% of its pending sales.
Six properties priced at $3 million or more were actively listed at the end of November, down from 10 at the end of October but double November 2013’s three. Pending sales doubled from three in October to six in November, which was six more than a year ago. A 1.0 month supply was available at the end of November, down from 3.3 months at the end of October. 55% of Los Altos’ inventory at the end of November was priced over $3 million, as were 35% of the sales that went to contract during the month.