Earlier posts covered the cities of Palo Alto and Menlo Park. Today’s post is for the cities of Los Altos and Los Altos Hills.
Sellers have benefited by continued low inventory, and successful buyers have needed to be flexible and aggressive in order to prevail in multiple offer situations. Most of the surrounding communities had fewer sales of single-family homes in 2015, compared to 2014. The number of sales remained constant in Los Altos Hills and rose slightly in Los Altos. However when compared to a decade ago, the number of homes sold has decreased.
Here are some quick measures for single-family residences based on Multiple Listing Service data:
LOS ALTOS
Number of Homes Sold:
As noted above, low inventory continues to characterize the Peninsula real estate market, although it rose slightly in Los Altos.
- 2015 # of homes sold: 310
- 2014 # of homes sold: 292
- Average # of homes sold for past 10 years: 360
The graph below shows the number of homes sold by quarter for the past 5 years, and demonstrates that the second quarter remains the briskest in terms of number of homes sold.
Sales Price to List Price Ratio:
Another characteristic of the Los Altos market is the very healthy Sales Price to List Price ratio. Most homes were sold in multiple offers where buyers competed and presented sellers with compelling prices and terms.
The Sales Price to List Price Ratio for 2015 by month is shown on the graph below. For the year it averaged 109.7%, down from 111.1% in 2014 which was the highest ratio achieved in the last decade.
Some Homes Did Not Sell
In spite of robust market conditions and an abundance of motivated buyers, some homes presented to the market in 2015 did not sell. Buyers continue to demonstrate price sensitivity by not offering on homes they perceive as “overpriced”. Successful sellers recognized that to benefit from the favorable situation their list price, presentation strategy and market timing needed to generate interest from more than one buyer.
Per Multiple Listing data, approximately 27 Los Altos homes marketed during 2015 did not sell.
Median Sales Price:
Los Altos real estate continues to appreciate!
- 2015 Median Sales Price: $2,745,500 (+15.84%)
- 2014 Median Sales Price: $2,370,000
- 2005 Median Sales Price: $1,605,000 — A decade ago
The graph below shows the growth since 2011.
Average Days on Market:
The market continues to be very efficient. The Days on Market measure reflects the length of time between the date a home is entered into the Multiple Listing Service until the date the seller accepts a purchase contract.
After a steady decline in the Average Days on Market, 2015 remained the same as 2014 at 16 days.
LOS ALTOS HILLS
Number of Homes Sold
The 2015 number of sales in Los Altos Hills remained essentially the same as 2014.
- 2015 # of homes sold: 111
- 2014 # of homes sold: 111
- 2005 # of homes sold: 154 — Highest # in past decade
The graph below shows the number of homes sold by quarter for the past 5 years, and demonstrates that in 2015 the second quarter was the briskest in terms of number of homes sold.
Sales Price to List Price Ratio
The annual Sales Price to List Price ratio rose to 104.5%, the highest for the past 10 years. The graph below shows the Sales Price to List Price ratio by month for the past 5 years.
Some Homes Did Not Sell
During 2015 approximately 38 homes marketed through the Multiple Listing Service were taken off the market or did not sell.
Median Sales Price
The Median Sales Price continued to climb.
- 2015 Median Sales Price: $3,612,500 (+11.54%)
- 2014 Median Sales Price: $3,250,000
- 2005 Median Sales Price: $2,412,500 — A decade ago
The graph below shows the increase in the Median Sales Price since 2011.
Average Days on Market
The Average Days on Market continued to decline, averaging 32 days, demonstrating the strength and efficiency of the market.
Want More Details?
If you would like more detailed statistical information it is available in the Local Stats page of our website. You can access statistics for the entire county or your specific neighborhood.
If you own a home in Los Altos or Los Altos Hills and would like to know its market value, please contact us for a complimentary opinion of value.
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