Los Altos homes are one of the most desirable in Silicon Valley. A quiet family-oriented community with top-rated elementary through high schools throughout the city. A great central location with relatively short commutes to most high-tech companies. A very cute downtown village and close proximity to the new San Antonio shopping center, downtown Mountain View and downtown Palo Alto. Click on the following link to view more information on the community and its schools.
Median prices jumped 21% during 2021. A dramatic jump after two relatively flat years, yet the new median price is consistent with the 10-year trend. The average annual price appreciation for Los Altos homes has averaged 7.4% per year since 1998 (CAGR).
Market demand was significantly higher in 2021. Average days on market returned to historic lows. Final sales price vs. list jumped-back to 2013-15 levels. Reflects an increase in the number of offers competing for a home in Los Altos schools. Homes selling during the first two weeks on market typically sell for up to 15% over list (see scatter chart below).
The supply of new listings (blue line) increased significantly in 2020 over prior years. The number of Sales (red line) remains consistent with prior years. I update this chart at year-end.
Los Altos homes start at $2.0M with most “move-in” ready homes in the $2.5M to $4.0M price range.
The $/SQFT varies by size of home. The above scatter chart provides a good view into both the distribution of home sizes and the $/SQFT for 2021 sales.
The quarterly median price chart shows the dramatic increase in 2021, yet is on the 10-year trendline.
This monthly median prices for Los Altos homes appears to be at a new level. Keep in mind that the median price reflects sales from the prior month due to a one-month lag in escrow closings.
The average days on market continued at historic lows .
The monthly average sales price over/under list price percentage jumped in April reflecting a jump in demand and number of competitive offers. It’s looking a lot like the hot 2013-15 market.
Final sales price vs. List price varies significantly by number of days on market. Homes selling during the first two weeks on market typically sell for over list, while homes on the market typically sell for under list.
The supply of New Listings is slightly higher than prior years. New Listings typically spike in Mar-May and again in Sep-Oct.
The inventory of Active Listings is declining to historically low levels.
The monthly number of Sales increased significantly in 2021. January is usually the low-point of the year followed by a ramp-up in Feb-March.
Source: 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.