The Los Altos Hills real estate market is improving nicely in 2011 and has made more strides in April. The average selling price was $3,074,000 which is down slightly from last month but still much higher than last year. The median was $2,425,000 which is higher than last month but a drop from last year. The higher average this month as with last month is caused by more high-end homes sales. Ironically, this is also where more of the recent Los Altos Hills listings have popped up. There is much more inventory in the $4-6 million range than has been on the market in the last year.
One inpressive sign of the market shifting is the drop in days on market. It was 94 for April 2011 versus 139 last month and 109 last year. This shows that Los Altos Hills is finally starting to see more homes sell just after coming on the market. There have been several homes that came on the market in the $2.5-3.0 million range that sold within a few days or weeks. Those homes are current listings selling fast while the older inventory is also selling but bumping up the days on market numbers. This is why it's important to look past the numbers because the market is hot, but old inventory is being sold as well.
Another indicator of strenght in the Los Altos Hills maket is the percent of listing price received. That number was 95.85% in April 2011 versus 89.59% last month and 94% last year. Again, looking at why the variations exist, there are two reasons; low volume of homes sold and a mix of heavily discounted older inventory compared to newer undiscounted inventory. Inventory is up a little with 59 units compared to 51 last month but there were fewer listings, with only 21 new ones. A few homes "sold" at the end of April but won't close until May. In looking at Los Altos Hills sales toward the end of April, it looks like May will be a strong month as well so the trend appears to be lower overall inventory and a steady rise in prices.
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Bryan Robertson, Broker Associate | T: 650.799.9951 | Email: bryan@serenogroup.com | Website: http://www.BryanRobertsonHomes.com |CA License: 01191946 | Sereno Group - Los Altos branch | 369 S. San Antonio Road | Los Altos, CA 94022
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