Well, Los Altos has once again proven that it is one of the hottest markets in the area. Without a doubt, the performance in December was impressive and nearly one of the best months of the year. The average and median selling prices were $1,911,078 and $1,800,000 respectively. Those are substantial increases over most of 2011 and on par with last month. One reason for the spike is that the inventory levels have been going much lower and there were a couple of large sales, including one over $3 million.
Inventory levels are a huge issue this time of year. There were 27 closed sales, a high number even in Spring but only 8 new listings. Inventory was already low going into the beginning of the month. Two homes in South Los Altos that had been having trouble selling finally got offers and sold. That shows the motivation of the buyers in the market right now. That's reflected in the "Average Days to Sell" metric which was 68 - much higher than the usual number around 30. This higher number reflects the many homes that had been on the market a while and finally sold.
My report for the entire year will include an analysis of the breakdown of price per square foot and the overall performance for the town for the year. We've seen solid price growth in December and that will end up being really good for the year.
My suggestion to buyers looking in Los Altos is to get in before the Spring selling season begins. With inventory levels as low as they are, new listings will likely sell fast.
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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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