Business & Tech
Home Sales Momentum Continues in Los Altos and Los Altos Hills, Bucking National Trend
May saw a drop in median price in Los Altos Hills, but local market strength overall is opposite what we see across the country.
May was another good month for the Los Altos and Los Altos Hill housing market. According to the latest home sales data, sales were strong, the median home price was up, and the amount of time taken to sell a home was down.
One exception is a drop we saw in the median home price in Los Altos Hills.
The May home sales report is an important testimony of the state of the local market, especially when economists across the nation have been debating if a double-dipping in the real estate market is imminent.
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In May, the median home price of Los Altos went up by 13 percent from last year while the number of sales dipped ever so slightly, by one house. In Los Altos Hills, sales went up by more than 100 percent but the price did come down from both last year and last month.
On a month-to-month basis, Los Altos also experienced a nice rebounce from April, with a 61 percent rise in sales and an 8 percent jump in median home price.
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The average days on market also improved significantly from last year. It was 21 days in Los Altos as compared to 44 days; In Los Altos Hills, it was 103 days, as compared to 143 days. A drop in the amount of time it takes to sell a home suggests that buyers in general have become more motivated.
Another encouraging indicator is a rise in the percentage of list price received, which shows how much on average buyers paid as compared to the asking price. The percentage did go up in both Los Altos and Los Altos Hills, meaning buyers, on average, were willing to pay closer to the asking price than last year.
With the mortgage rates being at historic lows and demand for housing remaining strong in Los Altos and Los Altos Hills, the market momentum is expected to continue into the summer. We will continue to monitor the market trend and report back to you. Stay tuned for more!
May 2011 Home Sales Statistics
Single Family Residences
City
Sales
Change from last year
Average Day on Market
Median price
Change from last year
% list price received
Los Altos
29
-3%
21
1,759,000
13.6%
99.41
LAH
11
120%
103
2,200,000
-10%
96.05
Source: MLS Listings
Information deemed reliable but not guaranteed.
