Los Altos Housing Market – Fourth Quarter 2010 Update
by Alex Wang on Jan 13, 2011 | No Comments »
| Los Altos | 4th Quarter 2010 | 3rd Quarter 2010 | 2nd Quarter 2010 | 1st Quarter 2010 |
|---|---|---|---|---|
| Median Sales Price | $1,605,000 | $1,565,000 (+3%) | $1,500,000 (+7%) | $1,521,500 (+5%) |
| Average Days on Market | 65 | 47 (+38%) | 41 (+59%) | 73 (-11%) |
| Closed Sales | 84 | 89 (-6%) | 98 (-14%) | 63 (+33%) |
| Sales Price to List Price Ratio | 96.55% | 96.96% (-0.4%) | 98.21% (-2%) | 97.29% (-0.8%) |
| Total Sales Volume | $145,565,939 | $152,004,369 (-4%) | $160,352,888 (-9%) | $104,288,315 (+40%) |
(single-family home data from MLS listings Inc.)
The high home prices of Los Altos influenced how it reacted to the 2007 bust, mainly a hold off of purchasing (only 38 homes sold in the fourth quarter of 2008) and a depreciation of the median sales price.
This past quarter, Los Altos is still struggling in its sales price to list price ratio, a result of many buyers unwilling to pay the full listing price. But this shouldn’t overshadow that this quarter the city put up the highest median sales price for the year. And compared to the same period in 2009, the median sales price is up 7% and days on market fell 8%, both good signs.
We can only anticipate what 2011 will be for real estate, but if Los Altos is any indication, higher-priced markets could be shaking off their frost a little sooner than the past few years.
Categories: Los Altos, Market Updates, Silicon Valley News
