Los Altos Homes

December 2022

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.

YTD Median prices rose to 4.3%, an all-time high, following a 21% jump during 2021 and is 27% higher than 2018-2020. This includes a significant drop in Q3. The average annual price appreciation for Los Altos homes has averaged 7.4% per year since 1998 (CAGR).

YTD Market demand remains very strong. Average days on market continues at historic lows. Final sales prices over list are still relatively high, however dropped significantly in Q3.

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 returned to 2021 levels after a spike in 4Q21 to 2Q22.

This monthly median prices for Los Altos homes shows a rebound in September from a decline in July-August. Keep in mind that the median price reflects sales from the prior month due to a one-month lag in escrow closings, so the Sept jump reflects August sales.

The average days on market jumped in Q3, however not high by historical standards.

The monthly average sales price over/under list price percentage declined dramatically in Q3 to near zero.

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 consistent with prior years. New Listings typically spike in Mar-May and again in Sep-Oct.

The inventory of Active Listings are higher than 2021, but consistent with 10-year history.

Sales per month are slightly lower in 2022 compared to prior years. 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.