Los Altos home values are rising again. Year to date, we have a 10.3% increase over last year. This is slightly less than the 11% to 16% annual increases that we saw in 2012-15 and a bounce-back from the 1% decline in 2016.
The demand for Los Altos homes continues to be very strong. Homes continue to sell at historically rapid pace: average days on market (red line) are under 20 days. Homes also continue to sell for over list price: YTD average of 6.7% over list price.
The supply of New Listings is almost identical to last year (224 vs. 222) for the first seven months of the year. This level of supply is nearly one-half of what it was prior to the financial crisis.
High demand-low supply results in a low inventory of Active Listings (still on the market). This year, the number of Active Listings has been around 20. Interestingly, last year saw an increase to around 35.
This last chart shows how much each home sold for over/under list price. Note that the vast majority of homes that sell within a week or two on market, sell for over list price.
Let me know if you would like a market update on the value of your home. I can get that to you with a day.