The "Old Los Altos" neighborhood has always been popular. There has been little inventory this year. What little did appear last year was sold so quickly most buyers had little chance to even get offers in. Prices have continued to rise as demand outstrips supply. Bear in mind that some streets are more popular than others and prices tend to be higher in the "core" streets along Orange Avenue and Palm Avenue. Homes that back to busier streets are not faring quite as well.
Is there "Off MLS" inventory? No. Absolutely none at the moment. There are some "coming soon" properties but most agents know the seller will do better in the open market. Therefore, the chances of getting a home before it goes on the MLS is very small. In addition, since many homes are being sold to cash buyers, you'll need to offer better terms if possible.
Will prices ease in the future? I hope so! Many buyers are being priced out of the market so hopefully we see a bit of a slowdown. However, the trend is going to continue. There is simply too much demand and too little inventory to expect that we'll see a peak in prices. If you're waiting for prices to drop, don't bother. You'll see some minor concessions in pricing in August (maybe) but otherwise the markets in the last 12 months have not see any real slowdowns at the usual times.
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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