Just in case you've been tracking inventory in Los Altos Hills, there have been 6 homes taken off the market in the last 2 weeks that will specifically be brought back in 2011. This is a common practice because the high-end market has been slow for many years now and Los Altos Hills isn't immune to bargain hunters looking for deals.
There are currently 42 homes on the market in Los Altos Hills, and the 6 homes taken off the market account for about 15% of the total inventory. While this doesn't mean a record low, it's unusual to see so much inventory disappear in such a short time as a percentage of available inventory. What's even more interesting is that ALL of the listings have notes indicating that they'll be back on in the following year or are still available. The message to buyers is "We'll come back to the market when there are more buyers and we're likely to get a good price." There are still a significant number of buyers looking in Los Altos Hills who are looking for substantial discounts and sellers are simply putting their foot down, unwilling to discount further.
What does this mean for buyers? Basically it means what was stated with similar homes last year, sellers are hoping to get more for their homes in the Spring. The trend on newer homes has been to see prices drop. However, the price per square foot on older homes has been increasing. So, about half the homes just taken off will increase their chance of getting an offer at asking price but the other half (larger, newer homes) will probably see more bargain hunters. If you want a good deal on a home in Los Altos Hills, you need to get in and make a decision quickly, negotiate hard, and make sure the seller is truly motivated. As it looks now, many sellers are simply pushing back and the future trend is likely to see prices move up.
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Bryan Robertson, CEO | T: 650.799.9951 | Email: email@example.com | Website: http://www.BryanRobertsonHomes.com |CA BRE# 01191946 | Catarra Real Estate, Inc | 171 Main St #220 | Los Altos, CA 94022