Fewer days on market, median prices up, and no dip in home sales. That's December in a nutshell. The latest home sales report suggests that the local housing market remained stable despite the holiday season.
In Los Altos, 27 single-family homes were sold in December. It is compared to 26 homes sold the same time last year and 28 a month earlier, in November. At $1,800,000, the median home price represents a 17 percent increase from a year ago and an 8 percent jump from the previous month.
The jump in sales was more impressive in Los Altos Hills, where nine homes changed hands in December, compared to five in the previous month; though it was unchanged from last year. Nevertheless, the LAH median home price did drop by 8 percent from the same time last year to $2,175,000, suggesting that more entry-level homes were being sold.
Also worth noting is the drop in the average days on market—the average time it takes to sell a home. In Los Altos, it took an average of 44 days to sell last month, compared to 58 in November and 98 the same time last year. Such a drop in the average days on market is significant, especially in December, when conventional wisdom says the market slows, as people's attention is taken up by holiday preparations and celebrations.
While Los Altos Hills homes spent more days on market than Los Altos—an average of 97 days—it was actually an improvement from 135 days last year. The higher average days on market was partly due to the closing of a few homes that were finally sold after being on the market for more than 100 days!
The market also usually slows down during the holidays because of a smaller inventory. With the holiday seasons behind us, I do expect the inventory to go up in the weeks ahead, with more sellers returning to the market. We will continue to monitor the market trend and report back to you. Stay tuned for more!
December 2011 Home Sales Statistics
Single Family Residences
Change from last year
Average Day on Market
Change from last year
% listed price received
Source: MLS Listings
Information deemed reliable but not guaranteed.
Winnie Yip Fong, a Los Altos resident and a local realtor, prepares this monthly home sales report to keep readers updated of the local housing market. Email her to email@example.com for any suggestions or comments. You can also follow her on www.twitter.com/SVHomes for more local real estate updates.