Image by dogweldervia Flickr
That’s right, tiny space creatures have invaded the south peninsula town of Los Altos, CA and have vaporized most of the city’s home buyers. Home sellers have been alerted to this phenomenon and are seeking advice on how to protect their equity. Apparently, these sinister assaults began late last year and have reached epic proportions, leaving many home sellers devastated. Everyone is advised to stay calm and take shelter.
Recently released statistics verify the lack of home purchases in and around the city of Los Altos.
According to MLS Listings, Inc. data, for the first quarter of 2009, 27 single family homes closed escrow in Los Altos. Over the past 12 years, an average of 65 single family homes closed escrow in Los Altos in the first quarter of each year. In the first quarter of 2009, that volume dropped 41%. The graph below shows the first quarter listings and sales in Los Altos for the year’s 1998 – 2009.
The alien onslaught has left home prices reeling. See below.
Buying opportunities may exist for those buyers ready and willing to purchase homes in Los Altos. Apparently sellers have not priced their homes correctly for our declining market. The below chart shows that recent buyers are asking for further price reductions.
Lastly, the graph below details that properties are staying on the market approximately 25% longer than the 12 year average.
Note: Aliens really haven’t invaded Los Altos, I just like old campy sci-fi movies.