May 2023
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 are slightly lower than 2022, following a 21% jump during 2021 and is still 27% higher than 2018-2020. The average annual price appreciation for Los Altos homes has averaged 7.4% per year since 1998 (CAGR).
Market demand remains strong. Average days on market continues at historic lows. Final sales prices over list are running at list price levels.
The supply of new listings (blue line) increased significantly in 2019-2022 over prior years. The number of Sales (red line) also jumped in 2022. 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 are consistent with Sept-Oct last year. 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 are fairly consistent with prior years.
The monthly average sales price over/under list price percentage declined significantly to near at-list levels.
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 significantly lower in 2023.
The inventory of Active Listings is lower in 2023 than prior years.
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.