According to MLS Listings Inc. data, 26 single family homes closed escrow in October within the city of Los Altos zip codes of 94024 and 94022. This is slightly below the 12 year average (for the month of October) of 28 closed sales of single family homes. The graph below shows the last 12 years of listings and sales figures for the month of October.
Homes listed at the lower end of the Los Altos market continue to drive our market. Twelve homes listed 1.5 million and below sold in October. Eight homes listed between 1.5 and 2.0 million sold. Four homes listed between 2.0 million and 3.0 million sold. Two homes listed above 3.0 million sold. Note: these were the asking prices for the homes not the selling prices.
Homes listed under 1.5 million sold at an average of 95.9% of list price. Homes listed between 1.5 and 2.0 million sold at an average of 97.9% of list price. Homes listed between 2.0 million and 3.0 million sold at an average of 93.7% of list price. Lastly, homes priced above 3.0 million sold at an average of 88.3% of list price.
Note: the actual list price to sales price ratios are a little less because I have have included only the latest/current list price in the calculations. Many of the homes in the higher price points have been taken off the market and re-listed at a lower price. Therefore the original list price to sales price ratio would be lower. Tip: have your Realtor provide a complete listing history of any home used in helping you to determine “market value.”
The chart below shows a 12 year history of the average sales price versus the median sale price of single family homes that closed escrow in the month of October.
Lastly, the list price to sales price ratio for the month of October (94.5%) is approximately 5% below it’s 12 year average (99.58%).
Overall, our market continues to favor buyers, especially in the higher price points. Prices and sales continue to lag and sellers are hesitant to make price concessions.
Heading into the holidays, sellers should look seriously at whether now is the right time to sell. Should home sellers decide it is the time, proper pricing, home preparation and a sound marketing strategy mixed with realistic expectations will make for a better experience.
Should you have any questions concerning your individual real estate situation please contact me directly at 650 917-4250.