Homes and land have been selling in Los Altos Hills at a solid pace. Prices are continuing to rise and many homes are selling within a few days. While not as "hot" or active as nearby Los Altos and Palo Alto, the market strength in the luxury homes market is definitely there. The average selling price wa $2,602,450 in April 2013 which is actually down a bit from $2.81M in March. Such fluctuations are common in this market as there are fewer sales than other towns. Overall, the price trend is up and is likely to continue to rise close to $3M before the end of the year.
Price and Inventory Trends
The sales price to list price ratio was 105.3% in April, up from 101.8% in March. That is your best indicator of where the market is going. Well priced homes get a lot of attention, multiple offers, and overbids that drive prices up substantially. While not to the same degree are other markets, the point is that you will find multiple buyers looking at a nice home in a good location. That means you'll be competing with several people who are typically cash buyers willing to pay more for convenience and location. There isn't a lot of inventory on the market and not much coming on which makes it more important to decide and bid appropriately. While April saw inventory shoot up to 8 month in April, much of that is at the higher prices. Homes priced closer to the average have much less inventory. There were only 15 new listings last month with 7 sales. The prior month was 8 out of 21. The trend is clear.
The hottest demand is for homes in Los Altos Hills with Palo Alto schools. Also in demand are homes located closer to downtown Los Altos. Generally, these properties are selling in the first few days or weeks at a variety of price points (although mainly nicer homes at higher prices). There is substantial "off MLS" activity as well so be mindful of homes available through other channels.
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Bryan Robertson, CEO | T: 650.799.9951 | Email: firstname.lastname@example.org | Website: http://www.BryanRobertsonHomes.com |CA BRE# 01191946 | Catarra Real Estate, Inc | 171 Main St #220 | Los Altos, CA 94022