Updated May 2021
Median prices have jumped 15% in 2021. This is the YTD median price through April compared to the 2020 annual number. It will probably come down a little as the year progresses. The average annual price appreciation for Los Altos homes has averaged 6.8% per year since 1998 (CAGR).
Market demand has picked-up for Los Altos homes. The average days on market continue at historic lows since 2012. The average final sales over list price percentage declined to near parity from 5-11% prior years. 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.
Los Altos homes start at $2.0M with most “move-in” ready homes in the $2.5M to $4.0M price range. 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.
The $/SQFT varies significantly by size of home. The above scatter chart provides a good view into the distribution of home sizes and the $/SQFT for 2020 sales. The average $/SQFT was $1,383 in 2020.
Second quarter median price continues the downward trend from 2018. I expect the Q3 number to be higher as the market returns.
This monthly median prices for Los Altos homes appears to be at a new level. Keep in mind that fluctuations may be due to a change in the mix of homes selling in a particular month, not necessarily changes in home values.
The average days on market continued at historic lows during March-April of this year. .
The monthly average sales price over/under list price percentage jumped in April reflecting a jump in demand and number of competitive offers.
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. Buyers should plan on paying 5-10% over list in order to compete for the more desirable listings. Note: this is for 2020 sales and is using the current list price, which may be after a price reduction.
The supply of New Listings increased in 2019, but is still at historically low levels. New Listings typically spike in Mar-May and again in Sep-Oct.
The monthly inventory of Active Listings was significantly higher in 2019.
The monthly number of Sales is also very seasonal. January is usually the low-point of the year followed by a ramp-up in Feb-March.
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.