Updated May 2020
The relatively small number of sales in Los Altos Hills can make it hard to assess monthly trends. The YTD numbers for market demand are showing a dramatic spike in days on market and a continued decline in the final sales vs. list price. The median price showed strength in Q1, then dropped in April. Certainly makes for more of a Buyer’s market in the near-term.
Los Altos Hills homes are one of the few places in Silicon Valley with 1+ acre lots and lots of horse and hiking trails. Close to downtown Los Altos and great schools.
Los Altos Hills homes start at $2.5M. Home values are higher than other cities due to homes having 1+ acres of land.
The annual median price for Los Altos Hills declined 9.7% in 2019 after a 25% jump in 2018. The annual increase in the median price for Los Altos Hills homes has averaged 5.5% per year since 1998 (CAGR).
Market demand for Los Altos Hills homes remains at relatively consistent with recent years. The average days on market fluctuates at historically low levels. The average final sales vs list price remains at parity.
The annual supply of new listings for Los Altos Hills homes has been dramatically lower in 2018 and 2019. While the number of Closed Sales has also declined to lowest level in 18 years.
The percent difference between the final sales price and the list price varies significantly by time on market. Listings that sell within the first week of two of going on market typically sell for over list.
The $/SQFT also varies significantly compared to the average of $1,302 in 2019. The scatter chart above provides some insight into how the $/SQFT varies by the size of the home and the sizes of the homes in Los Altos Hills. Each closed sale in 2019 is represented by a single dot.
The quarterly average median price above provides a little more insight to a 20-year historical perspective. Note the large spike during the Internet Bubble in 2000 and the lack of a dramatic decline during the Great Recession.
This monthly view of median prices for Los Altos Hills homes provides more detail over the past 5 years. Keep in mind that the fluctuation may be due to a change in the mix of homes selling in a particular month, not necessarily changes in home values.
The monthly average days on market varies more widely than other cities due to the relatively small number of sales per month.
The monthly average sales price over/under list price percentage varies more widely than other cities due to the smaller number of sales.
The monthly supply of new listings for homes in Los Altos Hills. Note the seasonality with December typically being the low-point during the year.
The Inventory of Active listings is still at historically low levels.
Interestingly the monthly number of Closed Sales appears to be relatively consistent. Note that a Close Sale is counted when the escrow closes, which is typically the month after the home was sold (in-contract).
Sources: The data above is obtained directly from MLSlistings, the multiple listing service (MLS) serving Santa Clara and San Mateo counties. The information is deemed to be accurate, however is not guaranteed.