Los Altos real estate

Los Altos Market Conditions September 2014

  • Sales decline for 4th straight month
  • Inventory up 33%
  • Price indicators mixed

The real estate market in Los Altos continued to slow down a bit in September.  Both pending and closed sales declined for the fourth straight month, while inventory rose.  The median sales price increased a little, while the average price per square foot fell.

The median sales price has been virtually flat since February.  In September, the median price was $2,351,000, which was $76,000 or 3% higher than August’s $2,275,000.  September’s median sales price was 7% or $149,000 higher than September 2013’s $2,202,000.

The average price per square foot has not changed much either recently.  The September average was $1,017, which was $34 (3%) lower than August’s $1,052 but $81 (9%) higher than a year ago when it was $936.  The average sales price in September was 107.5% of the list price, up from 105.6% in August and 105.7% a year ago.

 

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19 sales closed in September, the third fewest this year (January had 8 and February 12).  September was a 14% drop from 22 closed sales in August.  A year ago, 20 sales closed.

 

Los Altos-Market Conditions-SEPT-02

20 homes were actively listed at the end of September, the most since April when there were 25.  September’s inventory was up 33% from 15 at the end of August and 67% from 12 a year ago.  19 sales went pending in September, one less than in August and six less than a year ago.  1.1 months of inventory relative to pending sales were available at the end of September, up from about three weeks at the end of August.

 

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September’s pending sales were listed for an average of 17 days, compared to 26 days in August.  One year ago, homes were on the market an average of 27 days.

 

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Analysis by Price Range

 

Four properties priced under $2 million were actively listed at the end of September, one more than at the end of August but two less than at the end of September 2013.  Six sales went to contract in September, four less than August’s ten and five less than a year ago.  0.7 months of inventory was on the market at the end of September, up from 0.3 months at the end of August.  20% of Los Altos’ inventory and 32% of its pending sales were in this market segment.

 

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Both sales and inventory increased for homes priced from $2 million to $2,999,999.  Eight properties were actively listed at the end of September, two more than at the end of August and five more than a year ago.  Nine sales went to contract in September, an increase of three sales from August’s six.   There were 11 pending sales in this price range a year ago.  Inventory relative to pending sales decreased to 0.9 months at the end of September form 1.0 month at the end of August.  This price range accounted for 40% of Los Altos’ inventory and 47% of its pending sales.

 

Los Altos-Market Conditions-SEPT-06

Pending sales of homes priced from $3 million and up were unchanged from August at four, compared to three a year ago.  Eight homes were actively listed in this segment at the end of September, up two from six at the end of August and five more than at the end of September 2013.  Inventory relative to pending sales rose from 1.5 months at the end of August to 2.0 months at the end of September.  40% of Los Altos inventory at the end of September and 21% of its pending sales during the month were priced at $3 million or more.

 

Los Altos-Market Conditions-SEPT-07