Los Altos Hills Home Sales Roar in April

Home sales in Los Altos Hills continued to be strong in April, while a pullback has been seen in Los Altos, according to the latest released data.

In April, home sales in LAH jumped by 83 percent from a year ago. The median home price went down by slightly more than 10 percent from last year but was slightly higher than the month of March.

In Los Altos, sales were down compared with both last year and the previous month. Its median price, however, did go up by more than 8 percent from last year.

A total of 18 and 11 single-family homes were sold in Los Altos and Los Altos Hills,  respectively, in the month of April. By comparison, 31 homes were sold in Los Altos and six homes were sold in Los Altos Hills the same time last year. The pullback in March in Los Altos is evident in the 28 homes sold then compared with the 18 sold in April. Twelve homes were sold in Los Altos Hills in March.

The median home price was $2.42 million in Los Altos Hills, representing a 10.8 percent decrease,  and $1.62 million in Los Altos, an 8.6 percent increase from last year.

It is important to note that buyers, in general, were paying closer to the asking price compared with both last year and last month, as indicated by the higher percentage of list price received. Average days on market also improved in both neighborhoods, suggesting that buyers were getting more serious and motivated.

With summer around the corner, I expect to see a continued improvement in home sales driven by a combination of stronger demand and higher inventory. In fact, the number of new listings in April almost doubled that of March. And we’re seeing more motivated buyers in the market in recent weeks. I am hopeful the market will continue its healthy rebound from last year’s softness as we’re heading into the summer season.

April 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

18

-42%

34

$1,628,750

8.6%

98.18

Los Altos Hills

11

83%

94

$2,425,000

-10.8%

95.85

Source: MLS Listings

Information deemed reliable but not guaranteed.