The high-end market took a strong turn upward last year and finished on a high note in December. That strength rolled into January and fell short of expectations, but not compared to normal. The average selling price of a single-family home in Los Altos Hills dropped to $1,950,000, down sharply from the $2.4M ASP we saw in December. However, this pricing is normal for January. With only 3 sales, it was a slow month all the way around. I do not expect this to continue.
The three sales were properties put into contract in December or January. Buyers were very active in January and I know that not only did homes go into contract but a couple of off-market deals were put together as well. So, while the market seems slow based on the stats, activity was actuall much higher. There are a lot of buyers active in the $4-7 million range and several possible deals I know of that could come together soon. One house priced at $2.9 million went into contract at the end of January which should help the averages.
There were 6 new listings but 6 expired listings and with 3 sales, that's a net drop in inventory. This will create some pressure on buyers to make a move with a limited range of choices. However, there are several "off MLS" properties available right now that will skew the sales. If those get posted to the MLS as comps, we'll see evidence of how well the market is doing. If not, those sales will be fully known in 2 months. The bottom line is that demand is strong.
My suggestion for buyers is to have a clear view of what they want and a sensible pricing perspective. I can show you several off-market (off MLS) properties as well as the current inventory and upcoming listings to give you a complete perspective to make a sound buying decision.
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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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