Carol Carnevale • DRE# 00946687 • 650.465.5958
Nicole Aron • DRE# 00952657 • 650.740.7954
Today’s post will be the last community update of statistics for 2016.
Like the other Peninsula communities, Los Altos and Los Altos Hills have experienced a shift in market conditions. Overall the market remains healthy, but not as robust as the past two years. Sellers continue to benefit by continued low inventory, and successful buyers have often needed to be flexible and aggressive in order to prevail in multiple offers.
Here are some quick measures for single-family residences based on Multiple Listing Service data:
As noted above, low inventory continues to characterize the market.
The number of homes sold in 2016 is the lowest number for the past 10 years. The previous low was 264 homes sold in 2008.
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.
The monthly Sales Price to List Price Ratio is shown on the graph below. The ratio remained above 100% every month, averaging 104.4% for the year, however it is down from 109.7% in 2015 and 111.1% in 2014, the highest ratio achieved in the last decade.
The Median Sales Price decreased in 2016. The last drop was in 2009.
The graph below shows data since 2012.
The Days on Market 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. The Average Days on Market increased from 16 in 2015 to 20 in 2016.
The number of homes sold in Los Altos Hills has remained fairly constant. The graph below shows sales by quarter and that more homes sold during the second quarter.
The graph below depicts monthly Sales Price to List Price ratio. The ratio remained below 100% except for the months of March and April. For the year it averaged 98.1% compared to 105.1% in 2015 and 103.2% in 2014.
The Median Sales Price continued to climb in 2016, rising 6.92%.
Another measure of the health of the local market is the Average Days on Market which rose considerably to 52 days in 2016, up from 32 in 2015.
A close examination of the properties sold reveals that four homes were on the market for over 200 days prior to selling, including one that finally sold after 763 days on the market! When these four homes are not included, the Average Days on Market for Los Altos Hills for 2016 is 35 days.
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.
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