Carol Carnevale • DRE# 00946687 • 650.465.5958
Nicole Aron • DRE# 00952657 • 650.740.7954
2014 Real Estate Market Highlights
The Los Altos and Los Altos Hills real estate markets continued their impressive performance in 2014!
Based on Multiple Listing Service (MLS) data, here are some of the key indicators for single family residential sales:
While the total number of single family residential sales reported to the MLS declined in both communities, the Median Sales Price rose.
Los Altos – Median Sales Price
In Los Altos there were 276 closed sales reported to the MLS in 2014, down from 324 reported in 2013, representing a 15% decrease. The Median Sales Price increased to $2,380,000 up from $2,100,000, 13%.
Los Altos Hills – Median Sales Price
Los Altos Hills posted 94 closed sales in 2014, down from 114 in 2013 representing a decline of 18%. The Median Sales Price increased to $3,250,000 in 2014, up from $2,796,500 in 2013, or 16%.
Other Favorable Market Trends
In both communities the Average Days on Market declined and the annual average Sales Price to List Price ratio increased.
Los Altos Average Days On Market & Sales Price to List Price Ratio
The Los Altos Sales Price to List Price ratio remained above 105% for the year and averaged 111.2% for 2014.
Los Altos Hills Average Days On Market & Sales Price to List Price Ratio
The Los Altos Hills Sales Price to List Price Ratio had some erratic months but averaged 103.2% for the year, up from 99.9% in 2013.
As in Palo Alto, historically more sales (based on the close of escrow date) have occurred in the second quarter of the year.
For Los Altos the 2nd quarter posted 106 closed sales, significantly more than any other quarter in 2014.
In Los Altos Hills, while the 2nd quarter posted more closed sales than any other, the 3rd and 4th quarters were also strong.
Overall Market Observations
The Los Altos and Los Altos Hills real estate markets are considered strong, healthy markets and continue to be characterized by low inventory levels and ongoing demand by qualified and motivated buyers.
The high sale for the year in Los Altos was $12,750,000, and the low sale was $1,000,000.
Based on information obtained from Old Republic Title Company, the high sale for the year in Los Altos Hills was $16,300,000 and the low sale was $2,000,000. The high sale was a “private” transaction and not marketed through the Multiple Listing Service.
Inventory remains low throughout the Peninsula, and when there is low inventory and there are highly motivated and qualified buyers, market conditions are prime for sellers. If you are considering the sale of your home, please contact us. We would welcome an opportunity to be of service to you!
Carol & Nicole