Los Altos Housing Market – Third Quarter 2010 Update
by Alex Wang on Oct 26, 2010 | No Comments »
| Los Altos | 3rd Quarter 2010 | 2nd Quarter 2010 | 1st Quarter 2010 | 3rd Quarter 2009 |
|---|---|---|---|---|
| Median Sales Price | $1,565,000 | $1,500,000 (+4.3%) | $1,521,500 (+2.9% | $1,606,340 (-2.6%) |
| Average Days on Market | 47 | 41 (+14.6%) | 73 (-35.6%) | 67 (-30%) |
| Closed Sales | 89 | 98 (-9.2%) | 63 (+41.3% | 87 (+2.3%) |
| Sales Price to List Price Ratio | 96.96% | 98.21% (-1.3%) | 97.29% (-0.3%) | 96.1% (+0.1%) |
| Total Sales Volume | $152,004,369 | $160,352,888 (-5.2%) | $104,288,315 (+45.8%) | $147,998,787 (+2.7%) |
(single-family home data from MLS listings Inc.)
One thing to consider when looking at data from Los Altos is that its population of around 30,000 is less than half of the next smallest city in our quarterly comparison. But, on the other hand, the median price is the highest at $1,565,000 — 13% higher than Palo Alto and almost double either Sunnyvale or Mountain View.
In the third quarter of 2010, the median price bumped up 4.3% from last quarter and is equivalent to 2006 levels. Another positive sign for Los Altos is that average days on market is in the 40s range, a significant improvement from the third quarter last year, where it was hanging out at 67 days.
The last item of note for Los Altos is the sales price to listing price ratio has fallen this quarter, 96.96% from 98.21% last quarter. Since 2008, Los Altos has been a buyer’s market, while our three other comparison cities have been trending towards a seller’s market. Buyers aren’t necessarily hesitant but we are seeing a lot of price adjustments in the area.
Categories: Los Altos, Market Updates, Silicon Valley News
