2007, The Final Score for Los Altos Real Estate
Los Altos remains one of the most stable real estate markets in the entire country. While other markets have seen huge reductions in sales prices as well as large increases in inventory, the Los Altos real estate market almost appears to be taking the Contrarian view.
The biggest issue in Los Altos Real estate has been an abnormally low level of homes available for sale. Inventory in 2007 (400 homes) dropped by almost 27% from its 9 year average (545 homes), yet median sales prices continue to climb to an all time high (221% climb from 1998 -2007). Using data pulled from MLSlistings.com, I have broken down the numbers for the last 9 years. I will over the next four weeks introduce you to the four major sub regions of Los Altos real estate: South Los Altos, the Country Club area, the Highlands area and North Los Altos.
The median sales price in Los Altos has risen from $790,500. in 1998 to $1,749,000. at the end of 2007. If you’ll notice the previous peak was in 2000 at $1,400,000. After the dot com bust in March of 2000, our market took nearly 4.5 years to recover and surpass the median sales numbers of 2000. The last three years has shown growth in median sales prices of 17% (2005), 1% (2006) and 8% (2007). For those of you fortunate enough to buy in 2001, you have seen an increase in median sales of 58%.
