- Most pending sales this year
- Median sales price lowest since February
- Price per square foot falls but stays over $1,000
- Inventory of mid-priced homes down
Pending sales of single family detached homes in Los Alto Hills were higher in October than any month since October of 2013. Inventory fell, particularly for mid-market homes and price indicators were mostly lower.
October’s median sales price of $2,750,000 was $885,000 below September’s $3,653,000, a 24% drop. October’s price was also 13% or $400,000 below October 2013’s $3,150,000. With only eight and 11 sales the past two months, pricing statistics can be volatile.
The average price per square foot in October was $1,070, down 10% or $117 from $1,189 in September but 22% or $190 higher than a year ago ($880). On average, sales in October closed for about 104% of the list price, up from 97% in September and 98% a year ago.
Eleven sales closed in October, the most of any month this year, matched only by June. October had three more closed sales than September and one more than October 2013.
Twelve sales went to contract in October, one more than in September and the most here since there were 14 in October of 2013. Six fewer homes were actively listed at the end of October (21) than at the end of September (27), a 22% drop. Inventory levels are quite low, at least compared to last year, when 14 more properties were on the market at the end of October (35) 2013 than there are currently. Inventory relative to pending sales stood at 1.75 months at the end of October, down from 2.45 months at the end of September.
After climbing rapidly the past few months, the number of days homes were on the market dropped to their second shortest period of the year (19 days), bettered only by April’s 16 days. Last month, homes were listed for 71 days and a year ago, for 58 days.
Analysis by Price Range
The market for homes priced under $3 million was unchanged from September. Five homes were actively listed at the end of October and five sales went to contract during the month, the same as in September. A one month supply of inventory was available at the end of both September and October. 24% of Los Alto Hills’ inventory and 42% of its pending sales were priced under $3 million.
Inventory was cut by more than half for homes priced from $3 million to $4,999,999. Nine of these homes were on the market at the end of September, compared with four at the end of October. Four sales went pending in this segment during October, one more than in September. The result was a one month supply of homes available at the end of October, one third the supply at the end of September. This price range made up 19% of inventory and 33% of pending sales.
57% of Los Altos Hills’ inventory and 25% of its pending sales were priced at $5 million or more. 12 properties were actively listed in this segment at the end of October, down one form 13 at the end of September. Pending sales were unchanged at three during both September and October. 4.0 months of inventory were available at the end of October, down from 4.3 months at the end of September.