Los Altos Real Estate Sales For Single Family Homes Continues at “Normal” Pace

According to MLSListings Inc. (our local multiple listing service) sales of single family homes have continued to creep along with November sales at 21, new listings at 14, and inventory hovering around 30. 

Currently there are 30 active listings ranging from a 2 bedroom/2 bathroom home bought in April 2007 by a real estate agent at 1,150,000 (likely a flip gone bad and likely headed for a short sale).  This home recently fell out of contract and is currently back on the market for $1,150,000.   The highest priced home is still one of the nicest estates ever built in downtown (5 bedroom, 4+ bath, 12,000+ sf home on an acre) for a mere $23,900,000.   There are 17 homes under contract.  14 of these homes have had all their contingencies removed and are waiting for a close date.  The other 3 still have buyer contingencies remaining.  4 of the homes that are under contract recently had a price reduction.  As we continue towards the holidays, the number of new listings will continue to dwindle.

See below for monthly sales numbers comparing 2006 and 2007.